VEON (NASDAQ: VEON) posts strong FY25 growth with surging digital and lower leverage

Rhea-AI Filing Summary

VEON Ltd. reported strong fourth-quarter and full-year 2025 results, driven by rapid expansion of its digital services. For 2025, total revenue rose 9.9% year-on-year to USD 4,399 million, while EBITDA increased 18.8% to USD 2,009 million, lifting the EBITDA margin to 45.7%.

Digital revenues grew 62.5% to USD 759 million, representing 17.3% of group revenue, and generated Digital EBITDA of USD 207 million with a 27.3% margin. Equity free cash flow after leases and licenses reached USD 624 million, and net debt excluding leases fell to 1.09x EBITDA, supported by disciplined capex of USD 930 million.

VEON advanced its strategy with a completed USD 100 million buyback, a second buyback in progress, a policy framework targeting at least USD 100 million in annual repurchases, the Kyivstar secondary offering, and acquisitions including Ukraine’s Tabletki.ua and ride-hailing platform Uklon. For 2026, VEON guides to USD revenue growth of 9%–12%, EBITDA growth of 7%–10%, and capex intensity excluding Ukraine of 14%–16%.

Positive

• Strong earnings and margin expansion: FY25 revenue grew 9.9% to USD 4,399 million and EBITDA rose 18.8% to USD 2,009 million, lifting the EBITDA margin by 350 bps to 45.7%, with 4Q25 revenue and EBITDA up 17.4% and 29.1% year-on-year.
• Rapidly scaling digital and financial services: Digital revenues increased 62.5% to USD 759 million (17.3% of group revenue) with a 27.3% Digital EBITDA margin, while financial services revenue rose 34.3% to USD 425 million, underpinned by USD 53 billion in annual digital transaction value in Pakistan.
• Improved leverage and cash generation: Equity free cash flow after leases and licenses reached USD 624 million, net debt excluding leases was USD 1,751 million, and net debt-to-EBITDAaL improved to 1.09x, indicating a stronger balance sheet and funding capacity for growth and buybacks.
• Shareholder return and capital allocation: VEON completed a USD 100 million share buyback (2.14 million ADSs) and launched a second USD 100 million share and/or bond buyback, while adopting a policy framework targeting at least USD 100 million in annual share repurchases with future repurchased shares to be cancelled.
• Strategic portfolio moves and growth outlook: The company executed the Kyivstar secondary offering, acquired Tabletki.ua and Uklon, is progressing on TPL Insurance and OLX Kazakhstan, and guides for 2026 USD revenue growth of 9–12% and EBITDA growth of 7–10% with lower capex intensity excluding Ukraine.

Negative

• None.

Insights

Telecom and digital-operator equity analyst

VEON posts broad-based growth, accelerates digital mix, and strengthens balance sheet.

VEON delivered FY25 revenue of USD 4,399 million (+9.9% YoY) and EBITDA of USD 2,009 million (+18.8%), expanding its EBITDA margin to 45.7%. Fourth-quarter trends were even stronger, with revenue up 17.4% and EBITDA up 29.1% year-on-year.

Digital revenues grew 62.5% to USD 759 million, reaching 17.3% of group revenue, while Digital EBITDA of USD 207 million yielded a 27.3% margin. Financial services revenue increased 34.3% to USD 425 million, led by Pakistan’s platforms, where annual gross transaction value reached USD 53 billion and gross loan portfolio USD 264 million.

Leverage improved as net debt excluding leases declined to USD 1,751 million, or 1.09x EBITDAaL, alongside equity free cash flow after leases and licenses of USD 624 million. Capital returns are meaningful: VEON completed a USD 100 million buyback and is executing a second USD 100 million share and/or bond buyback program, while adopting a framework targeting at least USD 100 million in annual share repurchases after the current program. The 2026 outlook of 9–12% revenue growth and 7–10% EBITDA growth in USD, with reduced capex intensity excluding Ukraine, signals management’s confidence in sustaining growth and cash generation.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of March 2026

Commission File Number 1-34694

VEON Ltd.

(formerly VimpelCom Ltd.)

(Translation of registrant’s name into English)

Index Tower (East Tower), Unit 1703, Dubai (DIFC), United Arab Emirates

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T

Rule 101(b)(1): o.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T

Rule 101(b)(7): o.

Information contained in this report

On March 13, 2026 the Registrant issued a press release, presentation materials, and supplemental factbook, copies of which are furnished hereto as Exhibits 99.1, 99.2 and 99.3.

EXHIBIT INDEX

Exhibit No.			Description of Exhibit
99.1			Press Release, dated March 13, 2026
99.2			Presentation Materials, dated March 13, 2026
99.3			Supplemental Factbook, dated March 13, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			VEON LTD.
			(Registrant)
Date: March 13, 2026
			By:			/s/ Sebastian Rice
			Name:			Sebastian Rice
			Title:			Group General Counsel

VEON Delivers Record Digital Growth: 4Q25 Digital Revenues Grow 84% to 20.1% of Total, Driving 17% Revenue and 29% EBITDA Growth in 4Q25 Dubai and New York, March 13, 2026 – VEON Ltd. (NASDAQ: VEON), a global digital operator, today announced strong financial and operating results for the fourth quarter and full year ended December 31, 2025. Key Highlights – Fourth Quarter 2025  Total revenue grew 17.4% year-on-year (“YoY”) to USD 1,171 million.  EBITDA increased 29.1% YoY to USD 527 million, with EBITDA margin expanding 410 bps to 45.0%.  Digital revenues grew 84.1% YoY to USD 235 million, accounting for 20.1% of Group revenue.  Financial services revenues rose 28.1% YoY to USD 120 million. Key Highlights – Full Year 2025  Total revenue increased 9.9% YoY to USD 4,399 million.  EBITDA rose 18.8% YoY to USD 2,009 million, with EBITDA margin expanding 350 bps to 45.7%.  Digital revenues grew 62.5% YoY to USD 759 million, representing 17.3% of Group revenue. Digital EBITDA was USD 207 million, reflecting an EBITDA margin of 27.3%.  Financial services revenues grew 34.3% YoY to USD 425 million.  Equity free cash flow after leases and licenses reached USD 624 million.  Capex amounted to USD 930 million, with LTM capex intensity of 21.2% (16.6% excluding Ukraine).  Total cash, cash equivalents and deposits stood at USD 1,734 million, including USD 557 million at headquarters.  Net debt (excluding lease liabilities) to EBITDA improved to 1.09x. Capital Allocation and Strategic Developments VEON maintained disciplined capital allocation, completing its first USD 100 million buyback program (2.14 million ADSs repurchased), and launching a second program on November 14, 2025 (614.5K ADSs repurchased for USD 32.5 million, plus USD 3 million of 2027 Notes, as of 10 March 2026). VEON has adopted a policy framework targeting at least USD 100 million in annual share repurchases, subject to market conditions and Board approval. VEON intends to implement this framework for future buyback programs upon completion of the current USD 100 million program, with all shares repurchased under such future programs to be cancelled. In March 2026, VEON reached an agreement with the Dhabi Group regarding historical shareholder claims, and will welcome His Highness Sheikh Nahyan bin Mubarak Al Nahyan, as a shareholder in the Company. Other milestones include:  Successful secondary public offering of Kyivstar shares, raising USD 140 million net proceeds and expanding the investor base.

 Acquisition of Tabletki.ua, Ukraine’s leading online healthcare marketplace, for USD 160 million, expanding digital healthcare offerings.  Transfer of VEON’s ADS listing to the Nasdaq Global Select Market and inclusion in the S&P Global Broad Market Index and MSCI Ukraine Index.  Ongoing progress toward acquiring TPL Insurance Limited in Pakistan to bolster digital financial services (expected close mid-2026, subject to approvals).  Jazz securing largest allocation with 190 MHz in Pakistan’s mobile spectrum auction in March 2026, reinforcing Jazz’s network leadership and service innovation 2026 Outlook For 2026, VEON expects:  Total revenue growth of 9%–12% YoY in USD terms  EBITDA growth of 7%–10% YoY in USD terms  Capex intensity (excluding Ukraine) of 14%–16% Commenting on the results, VEON Group CEO Kaan Terzioglu said “2025 marked a pivotal inflection point for VEON as a digital operator. For the first time, digital service customers surpassed traditional connectivity subscribers. Resilient core execution, explosive digital growth, especially in financial services, and rigorous cost discipline delivered revenue and EBITDA ahead of forecasts, continuing our track record of keeping the promises we make to investors. Strategic moves like acquiring ride hailing and delivery company Uklon, pharmaceutical and health products marketplace Tabletki.ua, advancing the planned acquisitions of TPL Insurance in Pakistan and classifieds business OLX in Kazakhstan (awaiting regulatory approvals), expanding our Starlink Direct-to-Cell partnership, and strengthening our capital markets profile position us strongly for sustained value creation.” Additional information View the full FY25 Earnings Release View FY25 Results Presentation View FY25 Factbook FY25 results conference call VEON will also host a results conference call with senior management at 16:00 GST (13:00 CET, 8:00 ET) today. To register and access the event, please click here or copy and paste this link to the address bar of your browser: https://veon-fy25-and-4q25-results-presentation.open-exchange.net/registration Once registered, you will receive registration confirmation on the email address mentioned during registration with the link to access the webcast and dial-in details to listen to the conference call over the phone. We strongly encourage you to watch the event through the webcast link, but if you prefer to dial in, then please use the dial-in details.

Join the Conversation Live In addition to the webcast, the conference call will also be livestreamed on YouTube. This option allows you to follow the discussion in real time from any device without the need for registration or dial-in details. Simply click here or copy and paste this link to the address bar of your browser: https://www.youtube.com/live/9JiE8saO38s Q&A If you want to participate in the Q&A session, we ask that you select the ‘Yes' option on the ‘Will you be asking questions live on the call?’ dropdown. That will bring you to a page where you can join the Q&A room by clicking 'Connect to meeting’. You will be brought into a zoom webinar where you can listen to the presentation and once Q&A begins, if you have a question, please use the ‘raise hand button’ on the bottom of your zoom screen. When it is your turn to speak, the moderator will announce your name as well as sending a message to your screen asking you to confirm you want to talk. Once accepted, please unmute your mic and ask your question. You can also submit your questions prior the webcast event to VEON Investor Relations at ir@veon.com. About VEON VEON is a digital operator that provides converged connectivity and digital services to nearly 150 million connectivity and over 135 million digital users. Operating across five countries that are home to more than 6% of the world’s population, VEON is transforming lives through technology- driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com. Notice to reader VEON's results and other financial information presented in this document are preliminary and subject to financial closing procedures that have not yet been completed, and are, therefore, subject to change. This document 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. Such forward-looking statements include, but are not limited to, statements relating to VEON’s future operating results, targets, or financial positions. Forward- looking statements are not historical facts, and are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not anticipate. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. There are numerous risks, uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, such as those discussed in the section entitled “Risk Factors” in VEON’s 2024 Form 20-F filed with the SEC on April 25, 2025 and other public filings made by VEON with the SEC. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.

See “Disclaimer and Notice to Readers” in our full 4Q25 Earnings Release for a more fulsome description of the above. Contact Information VEON Investor Relations ir@veon.com

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 VEON Delivers Record Digital Growth

2 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 externally reviewed and/or audited. This document includes a newly introduced non-IFRS measure, Telecom and infra EBITDA, alongside the non-IFRS measure Digital EBITDA in order to provide a better understanding of VEON’s margin profile as its revenue evolves. Our operations in Ukraine continue to be affected by the war. We are doing everything we can to protect the safety of our employees, while continuing to ensure the uninterrupted operation of our communications, financial and digital services. We are closely monitoring events in Ukraine, as well as the possibility of the imposition of further legal and regulatory restrictions, including sanctions and countersanctions, in connection with the ongoing war in Ukraine and any potential impact the war may have on our results, whether directly or indirectly. The financial results presented herein for Ukraine include results for Kyivstar Group Ltd., which was listed on Nasdaq in August 2025, as well as Ukraine Tower Company LLC (“UTC”), which is our Ukrainian network infrastructure business. UTC is not owned by Kyivstar Group Ltd. Therefore, readers are advised that the financial results presented herein for Ukraine do not match those prepared for and published by Kyivstar Group Ltd. This document contains “forward-looking statements”, within the meaning of 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. Such forward-looking statements may be identified by words such as “may,” “will,” “expect,” “plan,” “anticipate,” “potential,” “continue,” and other similar words. Forward-looking statements include, but are not limited to, statements relating to VEON’s plans to implement its strategic priorities, including its 2026 outlook; VEON's ability to achieve anticipated performance results and generate sufficient cash flows to service its obligations; VEON’s intended expansion of its digital experience, including through technologies such as artificial intelligence; VEON’s assessment of the impact of the war in Ukraine on its current and future operations and financial condition; and VEON’s capital allocation policy and target for distributing value to shareholders. While the forward-looking statements included in this document are based on management’s best assessment, there are numerous risks and uncertainties that could cause VEON’s actual results, plans and objectives to differ materially from those expressed, such as those risks discussed in the section entitled “Risk Factors” in VEON’s 2024 Form 20-F filed with the SEC on April 25, 2025 and other public filings made by VEON with the SEC. You are cautioned not to place undue reliance on these forward- looking statements. The forward-looking statements speak only as of the date hereof and we disclaim any obligation to update them, except to the extent required by law.

3 STRATEGIC MOMENTUM & DIGITAL SCALE DEFINE A STRONG FY25 Delivered 14% LCY revenue growth in 2025, ahead of inflation at 8.4% Scaled USD 2bn+ in EBITDA; 45.7% EBITDA margin (+3.5 p.p. YoY) Sustaining momentum into 2026, as reflected in our guidance Delivering Strong Growth 9.9% 17.4% Rev. growth, USD 18.8% 29.1% EBITDA growth, USD Accelerated integration of AI powered features in digital applications Expanded our digital ecosystem via organic growth and targeted M&A Commenced disclosure of digital segment EBITDA margin: 27.3% for 2025 Accelerating Digital Services Expansion 62.5% 84.1% Digital Rev. growth, USD 17.3% Digital as % to Rev. Monetized towers in Pakistan, progress underway in other markets Pioneered Direct to Cell satellite connectivity across VEON markets Deleveraged to 1.09x net debt (excl. leases) to EBITDAaL from 1.34x in Dec-24 Progressing Asset-Light Strategy USD 624 mn Equity FCF 1 Unlocked value with Kyivstar’s NASDAQ listing and expanded its free float Enhanced liquidity and flexibility, proactively managing debt maturities Executed share and bond buybacks, announcing longer term buyback policy Returning Value to Shareholders Min. USD 100 mn Annual Buyback plan FY25 4Q25 1. After lease and licenses.

4 Revenue 4,399 +9.9% 1,171 +17.4% Telco/Infra Revenue 3,640 +2.9% 936 +7.6% Digital Revenue 759 +62.5% 235 +84.1% EBITDA 2,009 +18.8% 527 +29.1% ROBUST FINANCIALS: DOUBLE-DIGIT GROWTH, DIGITAL ACCELERATION Net Debt excl. Leases 1,751 1.09x Net debt excl. leases / EBITDAaL Equity FCF2 624 Sustained FCF momentum $557 at HQ Capex 930 Capex intensity 21.2% (16.6% excl. Ukraine) Earnings Per ADS1 $7.42 +29.4% FY25 4Q25 All figures expressed in USD million, unless specified otherwise 1.Includes the impact of a one-time provision of USD 170 million recorded with 4Q25 results to reflect an agreement with the Dhabi Group. 2. After lease and licenses. 3. USD 342 million relating to banking operations in Pakistan which is excluded for calculation of net debt.. Group Cash3 1,734

5 OUTPACING INFLATION, CAPTURING HIGHER WALLET SHARE Revenue Growth 1 1. Year-on-year (1.5%) 8.3% 9.9% 2023 2024 2025 EBITDA Growth 1 (7.8%) 4.9% 18.8% Inflation 18.5% 9.7% 8.4% Fair value pricing and digital growth Disciplined cost management Stable inflation across VEON markets USD LCY 16.0% 12.8% 14.2% 9.8% 10.0% 24.2%

6 220 282 317 425 59 111 80 23 68 62 64 5 8 1 4 5.9% 7.6% 11.7% 17.3% 2022 2023 2024 2025 DIGITAL REVENUES CONTINUE TO SCALE RAPIDLY % of total revenues Digital revenues USD, mn Our sustainable competitive advantages Optimal Cost of Distribution Low Customer Acquisition Costs 759 +19.3% +28.0% +65.7% +62.5%Revenue Growth, YoY 467 EBITDA, USD mn EBITDA margin 207 27.3% SuperApps & Others Healthcare Enterprise Premium Digital Brands Ride Hailing Entertainment Financial Services

7 3.0 3.2 3.5 0.91 0.90 0.91 2023 2024 2025 Multiplay ARPU Voice-only ARPU 3.6x 3.7x3.8x 3 3 MULTIPLAY DRIVING REVENUE GROWTH Steady growth in 4G adoption… …fuels multiplay penetration and revenue expansion… … driving higher ARPU and improved monetization 94 99 104 60% 65% 69% 2023 2024 2025 4G users 4G penetration 1,140 1,450 1,777 769 703 758 2023 2024 2025 Multiplay rev. Doubleplay 4G rev. 4G users+4.9% YoY % 4G penetration+4.1 pp Multiplay revenues (USD)+22.5% Multiplay users +11.6% 3.3x 3.6x 3.8x 1. 3 Months active customers, mn; 2. USD, mn; 3. USD 1 2 2

8 Digital rev. as % of total (%) 30.2 28.7 15.6 10.7 15.0 13.3 8.6 5.4 12.9 11.4 Capex to sales (%) 16.9 12.8 43.3 33.9 35.0 24.6 16.2 8.3 38.7 26.1 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% 6.4x 4.9x 43.6% 30.5% 42x 7.8x 1.6x 2.0x LCY growth, YoY STRONG PERFORMANCE ACROSS ALL MARKETS Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan

9 9.1 37.6 4Q24 4Q25 81.0 100.0 FY24 FY25 FINANCIAL SERVICES: PAKISTAN LEADING THE WAY Pakistan’s leading digital financial services platform Revenues 1 (USD mn) Pakistan’s largest digital bank 75.0 102.7 4Q24 4Q25 21.5mn +9.1% MAU 511,000+ +45.9% Active merchants USD 53bn +54.0% Gross Transaction Value (2025) 185K+ +38% Daily average loans issued in 4Q25 111,400+ +54.9% MAU Dost app USD 264mn +32.1% Gross Loan Portfolio +39.8% Average loan size in 2025 USD 1,600+ EBITDA and EBITDA margin 1 (USD mn) 30.9% 28.1%Margin 1. JazzCash and MMBL +28.8% Average loan size in 2025 USD 18 262.0 355.5 FY24 FY25 12.1% 36.6% Loans issued digitally 29%

10 DIVERSE DIGITAL ECOSYSTEM WITH MULTIPLE GROWTH ENGINES Digital Customers Digital-Only Total Customers Digital Revenue % in Total Rev. Transaction Value Financial Services Ride Hailing Premium Digital Brands Healthcare SuperApps Entertainment Enterprise 43.1 48.7 3.8 $64mn revenue 4.2 3.9 46.7 +16.2% +19.2% +67.5% +11.5% +8.0% YoY % Customers, mn Active for December 2025 N/A 205.8 mn 135.5 mn 33.1 mn +26.3% YoY 17.3% +5.6 p.p. YoY $55.2 bn +51.3% YoY 150.2 mn Telecom Customers Active 3-Month Users 20.1% +7.3 p.p. YoY FY25 4Q25 Active 1-Month Users FY25

11 46.743.1 +16.2% 48.7 +19.2% +8.0% 7.7 4 OUR CONSUMER DIGITAL ASSETS HAVE ACHIEVED SIGNIFICANT SCALE YoY % Customers, mn 1. Active 1-Month; 2. Active 3-Month; 3. Active policy holders; 4. Uklon was acquired in 2Q25 hence no YoY comparisons exist. 4.2 +67.5% n/a Total 63.7 87.0 60.7 7.4 A1M 1 A3M 2 12.5 Ukraine Pakistan Bangladesh Kazakhstan Uzbekistan Financial Services Entertainment SuperApps Premium Digital Brands Ride-Hailing & Delivery Healthcare 21.5 11.2 3 4.1 1.8 17.5 2.5 6.4 1.0 1.6 24.1 6.2 8.1 4.6 3.8 1.5 0.33 1.1 1.3 Rides Booked Deliveries Completed 43.6mn 1.3mn Preparing for PSP launch MAU Paying Users 2.5 57K

12 › 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 Digital Enterprise Services AdTech › Launched Prism platform for telco-data analytics and targeting › Optimized cross-platform matching via AI audience profiling › Automated AI production across 98M+ global digital screens OUR ENTERPRISE DIGITAL ASSETS ARE SCALING STRONGLY  Kyivstar Tech (Ukraine)  Garaj (Pakistan)  QazCode (Kazakhstan)  BuildX (Uzbekistan)  bCloud (Bangladesh) DIGITAL ENTERPRISE ADTECH

13 WE ARE 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 & Jazz progressing development of sovereign local-language LLMs › Expansion into Uzbek and Bangla to deepen market-specific intelligence › Aventa AI scaling agentic workflows for HR/Finance/Procurement › AI-powered features integrated across digital applications › AI-powered care agents resolving issues faster and automatically › QazCode & Kyivstar Tech building specific AI solutions for government and corporates › Qazcode records AI-product revenues of KZT 250 million+ in 2025 › Beeline Kazakhstan began building a Tier III Hyper Cloud Data Center in Almaty to power sovereign cloud, AI, and enterprise services. › Simosa Chat autonomously handles customer journeys for nearly 1 million users each month › Pakistan’s ROX processed 220K queries through ROXGPT in its first month post-launch

14 3,850 3,755 3,698 4,004 4,399 10.5% (2.4%) (1.5%) 8.3% 9.9% 2021 2022 2023 2024 2025 YoY % FY25 REVENUES: DIGITAL OPERATOR MODEL DELIVERING AT SCALE Total Revenues USD mn Revenues in FY25 USD mn Revenue, USD +17.5% +25.8% (4.5%) (11.6%) +12.8% N/A +9.9% Revenue, LCY +18.6% +30.2% +6.5% (6.5%) +11.9% N/A +14.2% 4,399 1,624 1,164 816 460 308 27 Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Other VEON

15 1,840 1,747 1,612 1,691 2,009 13.2% (5.0%) (7.8%) 4.9% 18.8% 2021 2022 2023 2024 2025 YoY % FY25 EBITDA : STRONGEST GROWTH IN LAST FIVE YEARS EBITDA USD mn EBITDA in FY25 USD mn 2,009 712 650 408 226 115 (102) Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Other VEON 47.8% 46.5% 42.2% 45.7%43.6%Margin EBITDA, USD +22.0% +25.4% (7.8%) +25.4% +15.0% N/A +18.8% EBITDA, LCY +23.2% +29.5% +3.2% +32.5% +14.1% N/A +24.2%

16 Gross debt was broadly stable at USD 4,902 million at the end of 4Q25, compared with USD 4,861 million in 3Q25 50% of external debt is held at OpCo level as of Dec 2025 REDUCTION IN LEVERAGE REFLECTS STRONG CAPITAL STRUCTURE Ample liquidity Debt Sustainable capital structure USD 557 mn at HQ level Net dividends upstreamed from OpCos: USD 40 mn for 4Q25; USD 323 mn for FY25 2 Lease-adjusted leverage at 1.09x (versus 1.13x as of Sep 30, 2025) Strong financing flexibility USD mn 31 Dec 2025 30 Sep 2025 Cash and cash equivalents and deposits1 1,734 1,666 Gross debt, of which 4,902 4,861 Bonds and loans – principal 3,050 3,051 Lease liabilities – principal 1,759 1,749 Long-term accounts payable and other 93 61 Net debt 3,510 3,478 Net debt / EBITDA 1.75x 1.84x Net debt excluding leases 1,751 1,729 Net debt excluding leases / LTM EBITDAaL 3 1.09x 1.13x 1. Cash and cash equivalents and deposits include USD 342 mn as of Dec 31, 2025 (USD 282 mn as of Sep 30, 2025) relating to banking operations in Pakistan. This amount is excluded for calculation of net debt. 2. After withholding taxes. 3. EBITDA after leases

17 Going ahead… August 2024 STRUCTURED, SCALABLE CAPITAL RETURN POLICY 1. Subject to prevailing market conditions, liquidity consideration, prevailing share price relative to our assessment of fair value for the VEON stock, regulatory requirements, and requisite internal approvals USD 100 mn Share Buyback Program Completed › Commenced in December 2024, completed in August 2025 › 2.15m ADSs repurchased at an average repurchase price of USD46.48 per ADS USD 100 mn Share and/or Bond Buyback Program In Progress › Commenced in November 2025 › 614.3K ADSs repurchased for a total consideration of USD 32.5 million; and USD 3mn of 2027 notes repurchased till 10 March 2026 › Total of 2.76 million ADSs (3.7% of total outstanding) repurchased till 10 March 2026 November 2025 Share Buyback Sustained, systematic program › Minimum of USD 100 million in annual share repurchases1 › To be implemented upon completion of current USD 100 million program, with all repurchased shares under such future programs to be cancelled

18 FY 2025 FY 2026 Outlook Total Revenue YoY Growth, USD 9.9% 9% - 12% EBITDA YoY Growth, USD 18.8% 7% - 10% Capex Intensity (ex-Ukraine) 16.6% 14% - 16% 2026 OUTLOOK: SUSTANING ROBUST MOMENTUM 1. Based on blended weighted average inflation of 8.4% as of 4Q25. 2. 2026 USD guidance assumes blended average depreciation of 4% of VEON’s key operating currencies versus USD. Actual results may vary due to FX movements.

19 FY25 & 4Q25 Results Presentation ir@veon.com +971 4 433 1145

20 Digital-first insurance provider in Pakistan Kazakhstan’s leading online classifieds platform Leading digital healthcare marketplace in Ukraine EXPANDING OUR DIGITAL ECOSYSTEM, STRENGTHENING CONNECTIVITY (1) Awaiting Regulatory approval (2). 97% stake in Uklon, controlling stake in TPL Insurance, 100% stake in OLX and Tabletki.ua; (3) Fully paid in UAH in Ukraine; (4) PKR 4.25 billion; (5) payable in PKR starting in 2027 following a grace period RIDE-HAILING & DELIVERY LIFESTYLEFINANCIAL SERVICES HEALTHCARE Mar-25 Oct-25Sep-25 Feb-26 Consideration USD 155.2m 2,3 Consideration USD 75m 1,2 Consideration USD 14.6m 1,2,4 Consideration USD 160m 2,3 • PKR 5.7b in gross written premiums as of late 2025 • Over 277,000 total insurance policies issued • 10m monthly active users ( June 2025) • Marketplace supports 3.6m active listings ( June 2025) Market Leader in Ukraine • 14,000 connected pharmacies, 14m monthly online bookings • US$1.4b GMV for 9M25 • 3.8m MAUs (Dec-25) • 43.6m rides and 1.3m deliveries completed for 2025 OLX Tabletki.ua Mar-26 Jazz wins largest spectrum allocation SPECTRUM Consideration USD 239.4m5 • Jazz acquired 190 MHz of total 480MHz sold • Reinforces Jazz’s network leadership, service innovation

21 Appendix

22 998 1,026 1,086 1,115 1,171 (3.9%) 2.9% 5.8% 2.7% 5.0% 4Q24 1Q25 2Q25 3Q25 4Q25 QoQ % 4Q25 REVENUES: ROBUST REVENUE MOMENTUM Total revenues USD mn Revenues in 4Q25 USD mn Revenue, USD +23.2% +28.2% +11.4% (0.3%) +19.2% N/A +17.4% Revenue, LCY +24.5% +29.8% +16.7% +1.7% +11.8% N/A +19.1% 1,171(2) 438 322 215 115 83 Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan HQ and eliminations VEON

23 408 439 520 524 527 (6.7%) 7.6% 18.3% 0.8% 0.6% 4Q24 1Q25 2Q25 3Q25 4Q25 QoQ % 4Q25 EBITDA AND EBITDA MARGIN EBITDA USD mn EBITDA in 4Q25 USD mn 527 200 170 99 51 33 (26) Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan HQ and others VEON 40.9% 42.8% 47.0% 45.0%47.8%Margin EBITDA, USD +49.0% +21.8% 6.0% +48.3% +20.2% N/A +29.1% EBITDA, LCY +50.6% +23.3% +11.0% +51.4% +12.7% N/A +31.3%

24 PAKISTAN: DIGITAL MOMENTUM & CORE TELCO POWERING GROWTH 43.9 50.6 55.5 62.1% 70.7% 75.2% 2023 2024 2025 53 94 131 16.9% 24.5% 28.7% 2023 2024 2025 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Digital revenue and % of total revenue (PKR, billion) PKR 200,380m EBITDA +23.2% PKR 58,676m Capex +8.8% PKR 456,678m Total Revenue +18.6% PKR 130,884m Digital Revenue +38.8% 45% 54% 61% 16% 13% 15% 39% 33% 24% 0.0 0.0 0.0 2023 2024 2025 Multiplay 2Play 4G Other

25 UKRAINE: STRONG GROWTH AS DIGITAL REVENUES SCALE RAPIDLY 14.9 14.5 15.4 62.2% 62.8% 68.7% 2023 2024 2025 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Digital revenue and % of total revenue (UAH, million) UAH 27,103m EBITDA +29.5% UAH 16,461m Capex +61.0% UAH 48,523m Total Revenue +30.2% UAH 5,169m Digital Revenue 4.9x 24% 34% 44% 43% 41% 39% 33% 25% 17% 0.0 0.0 0.0 2023 2024 2025 Multiplay 2Play 4G Other 396 880 5,1961.2% 2.4% 10.7% 2023 2024 2025

26 KAZAKHSTAN: ADVANCING THE DIGITAL OPERATOR STRATEGY 8.1 8.8 9.0 73.3% 76.0% 75.8% 2023 2024 2025 32 43 56 8.8% 10.8% 13.3% 2023 2024 2025 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Digital revenue and % of total revenue (KZT, billion) KZT 213,070m EBITDA +3.2% KZT 104,736m Capex +22.2% KZT 425,684m Total Revenue +6.5% KZT 56,422m Digital Revenue +30.5% 55% 63% 68% 26% 21% 18% 19% 16% 14% 0.0 0.0 0.0 2023 2024 2025 Multiplay 2Play 4G Other

27 BANGLADESH: 4Q25 REVENUE GROWTH REBOUND & MARGIN EXPANSION 20.1 18.0 18.4 49.6% 50.2% 53.3% 2023 2024 2025 42 36 1,2580.3% 0.6% 5.4% 2023 2024 2025 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Digital revenue and % of total revenue (BDT, million) BDT 27,502m EBITDA +32.5% BDT 4,638m Capex (41.3%) BDT 55,922m Total Revenue (6.5%) BDT 3,005m Digital Revenue 7.8x 32% 34% 41% 20% 19% 23% 48% 47% 37% 0.0 0.0 0.0 2023 2024 2025 Multiplay 2Play 4G Other

28 UZBEKISTAN: STRONG ALL-ROUND MOMENTUM 121 146 440 3.8% 4.2% 11.4% 2023 2024 2025 Segment revenues in consumer revenue 4G Users and penetration (3 month active, million) Digital revenue and % of total revenue (UZS, billion) UZS 1,450b EBITDA +14.1% UZS 1,008b Capex (33.4%) UZS 3,866b Revenue +11.9% UZS 440b Digital Revenue 2.0x 57% 64% 66% 25% 18% 16% 19% 18% 18% 0.0 0.0 0.0 2023 2024 2025 Multiplay 2Play 4G Other 6.2 6.1 5.9 73.1% 73.6% 77.0% 2023 2024 2025

29 UKLON – RIDE-HAILING & DELIVERY Leading ride-hailing platform in Ukraine Scaling operations and footprint in Uzbekistan 1,417mn UAH 33.7mn USD Total Revenue 386mn UAH 9.2mn USD EBITDA 4Q25 3.8 million MAU1 43.6 million Rides Booked2 +8.6% YoY 1.3 million Deliveries Completed2 +21.7% YoY N/A 1. Refers to users active during Dec 2025; 2. For 4Q25

30 OUR DIGITAL ASSET PORTFOLIO Finance Entertainment HealthPremium Digital Brands EnterpriseSuperApps Learning Ride-Hailing & Delivery Marketplace Ukraine Pakistan Bangladesh Kazakhstan Uzbekistan

31 DEFINITIONS 1/2 4G users are mobile customers who used fourth-generation (4G or LTE) network technologies during the three months prior to the measurement date. ARPU (average revenue per user) measures the monthly average revenue per mobile user. We generally calculate ARPU by dividing our mobile telecommunication and digital revenue generated by our own subscribers during the relevant period by the average number of our mobile customers during the period and the number of months in that period. Telecommunication revenue includes all mobile connectivity-related revenue, exclusive of revenue from device sales. Digital revenue is fully included, except for revenue from fixed services. Capital expenditures (capex) are purchases of property and equipment, new construction, upgrades, software, other long-lived assets and related reasonable costs incurred prior to the intended use of the non-current asset, accounted at the earliest event of advance payment or delivery. Purchases of licenses and capitalized leases are not included in capital expenditures. Capex intensity is a ratio, which is calculated as last-twelve-month (LTM) capex divided by LTM total revenue. Digital revenues includes digital services and platforms, spanning entertainment (gaming, music, and video streaming), financial services (mobile payments, wallets, insurance, lending), e-commerce, ride-hailing, super apps, and all revenues under secondary brands. It also includes enterprise solutions such as AdTech, Big Data, cloud, and IoT, as well as digital offerings in education and health. Digital EBITDA represents the portion of EBITDA generated from VEON’s digital services and platforms. Digital EBITDA is calculated by applying the definition of EBITDA to the results of operations attributable to these digital services and platforms. For Group Digital EBITDA, no HQ costs are allocated or included. HQ costs are excluded in full to reflect the standalone performance of the digital businesses. Doubleplay 4G customers are mobile customers who engaged in usage of our voice and data services over 4G (LTE) technology at any time during the one month prior to such measurement date. EBITDA is a non-IFRS financial measure and is called Adjusted EBITDA in the 2024 Form 20-F published by VEON. Adjusted EBITDA is a non-IFRS financial measure. Adjusted EBITDA should not be considered in isolation or as a substitute for analyses of the results as reported under IFRS We calculate Adjusted EBITDA as profit/(loss) for the period, before impairment loss, financial expenses and costs, net foreign exchange gain/(loss), share of profit/(loss) of associates and joint ventures, and listing expense, which is also excluded from the calculation.[f50.1] EBITDA margin is calculated as EBITDA (as defined above) divided by total revenue, expressed as a percentage. EBITDA-aL is calculated as EBITDA (as defined above) after lease expense. Equity free cash flow is a non-IFRS measure and is defined as free cash flow from operating activities and cash flow from investing activities, including proceeds from (partial) sale of businesses but excluding license payments, banking cash flows, cash outflows related to business acquisitions, inflow/outflow of deposits and financial assets. Cash flows from financing activities like lease payments, debt issuances or re-payments and proceeds from issuance of shares are excluded.[ Financial services encompass a comprehensive suite of financial solutions delivered through digital platforms. These include cash deposits and withdrawals, retail payments, P2P transfers, utilities and telecom bill payments, debit card, payment gateway, digital lending, insurance, and other financial services. Gross debt is calculated as the sum of long-term notional debt and short-term notional debt, including capitalized leases. Identified items are amounts impacting revenues and/or EBITDA, which may be recurring in nature but are not operational. Underlying revenues and/or EBITDA exclude such identified items. Local currency (or “LCY”) trends (growth/decline) in revenue and EBITDA are non-IFRS financial measures that reflect changes in Revenue and EBITDA, excluding foreign currency movements (“constant FX”). LCY trends underlying (growth/decline) is an alternative performance measure that is calculated as local currency trends excluding identified items and other factors, such as businesses under liquidation, disposals, mergers and acquisitions with an absolute amount of USD 5 million or more. Mobile customers (also - mobile subscribers) are generally customers in the registered customer base at a given measurement date who engaged in a mobile revenue generating activity at any time during the three months prior to such measurement date. Such activity includes any outgoing calls, customer fee accruals, debits related to service, outgoing SMS and MMS, data transmission and receipt sessions, but does not include incoming calls, SMS and MMS or abandoned calls. Our total number of mobile customers also includes customers using mobile internet service via USB modems and fixed- mobile convergence (“FMC”). Multiplay customers are Doubleplay 4G customers who also engaged in usage of one or more of our digital products at any time during the one month prior to such measurement date. Effective 1Q25, 4G usage below the 100Mb threshold is included in Multiplay and Double Play 4G user count (excluded prior to 1Q25). Net debt is a non-IFRS financial measure and is calculated as the sum of interest-bearing long-term debt, including capitalized leases (unless specifically excluded) and short-term notional debt minus cash and cash equivalents and deposits, excluding cash and cash deposits from our banking operations in Pakistan, long-term and short-term deposits. We believe that net debt provides useful information to investors because it shows the amount of notional debt that would be outstanding if available cash and cash equivalents and deposits and long-term and short-term deposits were applied to repay such indebtedness. Net debt should not be considered in isolation as an alternative to long-term debt and short- term debt, or any other measure of our financial position. Net Promoter Score (“NPS”) is the methodology VEON uses to measure customer satisfaction. Relative NPS (rNPS) – advantage or gap in NPS when compared to competition. Return on Capital Employed (ROCE) is calculated as Net Operating Profit After Tax (NOPAT), divided by average capital employed, where capital employed represents average equity and average gross debt less for the period cash and cash equivalents.

32 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 telecommunication and infrastructure services. Telecommunication services refer to fixed and mobile voice, data, interconnection, roaming, messaging, and value-added services. Infrastructure services refer to leasing or providing third-party access to physical network assets, such as towers and fiber-optic lines, owned by VEON, allowing external entities to utilize these resources. EBITDA from telecommunications services and from infrastructure (“Telecom and infrastructure EBITDA” or “Telecom and infra EBITDA”) represents the portion of EBITDA generated from VEON’s telecommunications and infrastructure operations. Telecom/Infra EBITDA is calculated by applying the definition of EBITDA to the results of these telecom and infrastructure activities. All HQ costs are fully included in Group Telecom/Infra EBITDA. Total digital monthly active users (“MAU”) is a gross total cumulative MAU of all digital platforms, services and applications offered by an entity or by the Group and includes MAU who are active in more than one application. Total digital 3-month active users (“3MAU”) is a gross total cumulative 3-month active users of all digital platforms, services and applications offered by an entity or by the Group and includes MAU who are active in more than one application. Total Digital-Only monthly active users represent the total cumulative MAUs across all digital platforms who are not VEON mobile subscribers. This measure includes users active in more than one application. VEON’s reportable segments are the following, which are principally based on business activities in different geographical areas: Pakistan, Ukraine, Kazakhstan, Bangladesh and Uzbekistan. We also present our results of operations for “Others” and “HQ” separately, although these are not reportable segments. “Others” represents our operations in Kyrgyzstan (Sold during this quarter) and “HQ” represents transactions related to management activities within the group in Dubai.

33 FY25 & 4Q25 Results Presentation ir@veon.com +971 4 433 1145

VEON Group Average and closing rates of functional currencies to USD Index Long Name ISO code 4Q25 4Q24 YoY 4Q25 4Q24 YoY Consolidated VEON Pakistan Rupee PKR 280.9 278.0 (1.1%) 280.1 278.5 (0.6%) Customers Ukraine Hryvnia UAH 42.0 41.4 (1.3%) 42.4 42.0 (0.8%) Pakistan Kazakhstan Tenge KZT 524.8 500.2 (4.9%) 502.6 523.5 4.0% Ukraine Bangladeshi Taka BDT 122.0 119.5 (2.1%) 122.2 119.6 (2.2%) Kazakhstan Uzbekistan Som UZS 12,030.2 12,824.9 6.2% 12,025.3 12,920 6.9% Bangladesh Kyrgyzstan Som KGS 87.4 86.2 (1.5%) 87.4 87.0 (0.5%) Uzbekistan Russian Ruble RUB 79.9 99.6 19.8% 78.2 101.7 23.1% Euro EUR 0.9 0.9 8.4% 0.9 1.0 11.9% Average rates Closing rates X

VEON index page (in USD millions, unless stated otherwise, unaudited) Consolidated 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 Total revenue 884 916 945 953 942 1,026 1,038 998 1,026 1,086 1,115 1,171 3,850 3,755 3,698 4,004 4,399 Telecom + Infrastructure 826 852 873 865 843 909 915 870 880 907 917 936 3,416 3,537 3,640 Digital 58 64 72 88 99 117 123 128 147 180 198 235 282 467 759 EBITDA 385 415 444 367 386 459 438 408 439 520 524 527 1,840 1,747 1,612 1,691 2,009 EBITDA margin (%) 43.6% 45.3% 47.0% 38.5% 41.0% 44.7% 42.2% 40.9% 42.8% 47.8% 47.0% 45.0% 47.8% 46.5% 43.6% 42.2% 45.7% Telecom + Infra EBITDA 1,802 Telecom + Infra EBITDA margin 49.5% Digital EBITDA 207 Digital EBITDA margin 27.3% EBIT (Operating profit) 205 242 259 223 201 278 402 230 239 819 59 321 1,751 1,163 929 1,110 1,439 Profit/(Loss) before tax 36 188 184 152 119 141 295 148 130 682 (83) 55 1,192 801 559 704 785 Net income/(loss) attributavle to VEON shareholders 342 251 448 (3,569) 57 68 209 81 99 596 (131) (31) 674 (162) (2,528) 414 532 CAPEX 90 171 131 258 124 181 198 322 135 231 223 341 808 826 651 826 930 LTM CAPEX / LTM Total revenue 20.2% 19.6% 17.8% 17.6% 18.2% 18.0% 19.2% 20.6% 20.4% 21.4% 21.6% 21.2% 21.0% 22.0% 17.6% 20.6% 21.2% Equity Free Cash Flow before lease payments and licenses* 101 21 179 112 102 65 141 131 186 153 430 192 251 322 412 439 960 Equity Free Cash Flow after lease payments and licenses** (27) (47) 118 68 58 (41) 43 64 142 75 303 104 57 (115) 112 124 624 *Notes: For definitions please see VEON Ltd.’s trading update published on its website on the date hereof * EFCF definition now includes proceeds from sale of business ** EFCF definition now includes proceeds from sale of business X

VEON index page (in millions) Telecom Metrics 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 Pakistan 73.7 71.2 70.5 70.6 71.7 71.4 71.6 71.5 73.4 73.9 72.7 73.9 72.6 73.7 70.6 71.5 73.9 Bangladesh 38.7 39.1 39.9 40.4 41.0 41.3 37.8 35.8 35.0 34.8 34.7 34.4 35.1 37.6 40.4 35.8 34.4 Ukraine 24.3 24.1 24.1 23.9 23.9 23.4 23.3 23.0 22.7 22.4 22.5 22.4 26.2 24.8 23.9 23.0 22.4 Uzbekistan 8.4 8.6 8.7 8.4 8.2 8.1 8.2 8.3 8.2 7.9 7.7 7.7 7.1 8.4 8.4 8.3 7.7 Kazakhstan 10.6 10.8 11.0 11.1 11.2 11.4 11.6 11.6 11.6 11.7 11.9 11.8 9.9 10.6 11.1 11.6 11.8 Other 2.0 1.9 1.9 1.9 1.8 1.8 1.7 1.7 1.6 1.6 - - 3.3 1.9 1.9 1.7 - Total 157.7 155.8 156.1 156.2 157.8 157.4 154.2 152.0 152.4 152.3 149.5 150.2 154.1 156.9 156.2 152.0 150.2 Fixed-line customers 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 Pakistan - - - - - - - - - - - - - - - - - Bangladesh - - - - - - - - - - - - - - - - - Ukraine 1.1 1.1 1.1 1.2 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.1 1.1 Uzbekistan - - - - - - - - - - - - - - - - - Kazakhstan 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.6 0.6 0.7 0.7 0.7 Other - - - - - - - - - - - - 0.0 - - - - Total 1.8 1.8 1.8 0.7 1.8 1.8 1.8 1.9 1.9 1.9 1.9 1.9 1.8 1.8 1.8 1.9 1.9 X

Pakistan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 Total revenue 269 271 279 299 321 347 359 356 386 395 405 438 1,408 1,285 1,119 1,382 1,624 Telecom + Infrastrcuture revenue 231 231 228 240 249 264 267 263 279 284 289 306 931 1,044 1,158 Digital revenue 38 40 51 60 71 83 91 93 107 111 116 132 189 339 465 EBITDA 122 128 124 129 143 158 149 134 162 164 186 200 643 654 502 584 712 EBITDA margin (%) 45.2% 47.2% 44.3% 43.0% 44.6% 45.5% 41.4% 37.8% 42.0% 41.6% 45.9% 45.7% 45.7% 50.9% 44.9% 42.3% 43.9% EBIT (Operating profit) 66 78 74 77 90 103 93 78 104 175 102 134 374 395 295 363 515 CAPEX 14 36 23 57 19 52 48 74 34 57 44 74 318 257 130 194 209 Telecom Metrics Customers (mln) 73.7 71.2 70.5 70.6 71.7 71.4 71.6 71.5 73.4 73.9 72.7 73.9 72.6 73.7 70.6 71.5 73.9 ARPU (USD) 1.0 1.1 1.1 1.2 1.3 1.4 1.4 1.4 1.5 1.5 1.6 1.7 n.a. n.a. n.a. n.a. n.a. MOU (min) 231 241 235 244 245 261 250 260 253 259 253 258 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 5,950 5,995 6,647 6,972 7,410 7,558 7,459 7,275 7,421 7,377 7,659 7,911 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 26% 31% 25% 21% 17% 22% 20% 23% 16% 20% 22% 17% n.a. n.a. n.a. n.a. n.a. (in Local Currency billions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 Total revenue 69.7 77.6 81.5 84.7 89.7 96.5 99.9 98.8 107.9 111.2 114.5 123.1 229 262 314 385 457 Telecom + Infrastrcuture revenue 59.8 66.1 66.7 67.9 69.7 73.4 74.5 73.0 78.1 80.0 81.8 85.9 260 291 326 Digital revenue 9.9 11.5 14.9 16.9 20.0 23.0 25.4 25.8 29.8 31.2 32.7 37.1 53 94 131 EBITDA 31.5 36.7 36.1 36.5 40.0 43.9 41.4 37.4 45.3 46.2 52.6 56.3 105 134 141 163 200 EBITDA margin (%) 45.2% 47.2% 44.2% 43.0% 44.6% 45.5% 41.4% 37.8% 42.0% 41.6% 45.9% 45.7% 45.7% 51.2% 44.9% 42.3% 43.9% EBIT (Operating profit) 17.2 22.2 21.6 21.8 25.0 28.7 25.8 21.5 29.0 49.5 28.9 37.5 61 81 83 101 145 CAPEX 3.7 10.2 6.8 16.3 5.3 14.5 13.4 20.7 9.5 16.0 12.4 20.8 52 52 37 54 59 Telecom Metrics Customers (mln) 73.7 71.2 70.5 70.6 71.7 71.4 71.6 71.5 73.4 73.9 72.7 73.9 72.6 73.7 70.6 71.5 73.9 ARPU (PKR) 266.3 302.9 333.4 339.7 351.4 378.9 394.2 390.8 415.6 422.5 442.7 474.0 n.a. n.a. n.a. n.a. n.a. MOU (min) 231 241 235 244 245 261 250 260 253 259 253 258 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 5,950 5,995 6,647 6,972 7,410 7,558 7,459 7,275 7,421 7,377 7,659 7,911 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 26% 31% 25% 21% 17% 22% 20% 23% 16% 20% 22% 17% n.a. n.a. n.a. n.a. n.a. Additional KPI's 4G network coverage 66% 66% 67% 67% 67% 67% 67% 69% 70% 71% 72% 72% 55% 65% 67% 69% 72% 4G mobile customer penetration (3 Months active) 58% 59% 61% 62% 64% 66% 69% 71% 73% 74% 76% 75% 48% 56% 62% 71% 75% Notes: For definitions please see VEON Ltd.’s trading update published on its website on the date hereof X

Ukraine index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 Total revenue 228 235 238 217 188 236 250 251 257 286 299 322 1,055 971 919 925 1,164 Telecom + Infrastrcuture revenue 225 232 237 214 184 231 244 244 249 255 264 272 908 903 1,040 Digital revenue 3 3 1 3 4 6 6 7 8 30 35 50 11 22 124 EBITDA 135 139 152 116 95 140 144 140 143 166 171 170 704 575 541 518 650 EBITDA margin (%) 59.0% 59.1% 63.6% 53.5% 50.5% 59.2% 57.7% 55.6% 55.5% 58.2% 57.2% 52.8% 66.8% 59.2% 58.9% 56.1% 55.9% EBIT (Operating profit) 100 103 109 77 55 104 106 103 100 119 -43 118 535 387 389 368 294 CAPEX 21 38 44 70 28 57 64 102 58 95 102 139 204 176 174 251 395 Telecom Metrics Customers (mln) 24.3 24.1 24.1 23.9 23.9 23.4 23.3 23.0 22.7 22.4 22.5 22.4 26.2 24.8 23.9 23.0 22.4 ARPU (USD) 2.9 3.0 3.1 2.8 2.4 3.1 3.3 3.4 3.5 3.9 4.2 4.5 n.a. n.a. n.a. n.a. n.a. MOU (min) 314 320 311 303 308 306 300 298 290 295 288 296 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 9,760 9,914 10,333 9,570 9,600 10,687 11,209 11,478 11,631 12,859 13,265 15,087 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 19% 14% 13% 14% 11% 20% 16% 18% 16% 15% 10% 13% n.a. n.a. n.a. n.a. n.a. FIXED-LINE Total revenue 12 12 13 12 10 12 13 13 13 13 13 13 68 58 49 48 53 Customers (mln) 1.1 1.1 1.1 1.2 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.1 1.2 (in Local Currency millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 Total revenue 8,346 8,609 8,711 7,921 7,169 9,425 10,267 10,413 10,720 11,857 12,429 13,517 28,748 31,092 33,588 37,274 48,523 Telecom + Infrastrcuture revenue 8,230 8,482 8,666 7,815 7,032 9,200 10,035 10,128 10,391 10,594 10,965 11,405 33,192 36,394 43,354 Digital revenue 117 128 45 106 137 225 232 286 329 1,263 1,464 2,113 396 880 5,169 EBITDA 4,921 5,085 5,542 4,228 3,627 5,585 5,924 5,789 5,955 6,898 7,115 7,136 19,196 18,301 19,775 20,925 27,103 EBITDA margin (%) 59.0% 59.1% 63.6% 53.4% 50.6% 59.3% 57.7% 55.6% 55.6% 58.2% 57.2% 52.8% 66.8% 58.9% 58.9% 56.1% 55.9% EBIT (Operating profit) 3,656 3,767 3,979 2,795 2,098 4,162 4,361 4,271 4,187 4,925 -1,756 4,941 14,584 12,384 14,196 14,892 12,298 CAPEX 780 1,395 1,616 2,573 1,072 2,276 2,625 4,252 2,422 3,932 4,254 5,853 5,551 5,960 6,364 10,225 16,461 Telecom Metrics Customers (mln) 24.3 24.1 24.1 23.9 23.9 23.4 23.3 23.0 22.7 22.4 22.5 22.4 26.2 24.8 23.9 23.0 22.4 ARPU (UAH) 105.7 110.5 111.9 102.4 92.8 123.7 136.7 139.2 144.1 163.2 172.7 187.2 n.a. n.a. n.a. n.a. n.a. MOU (min) 314 320 311 303 308 306 300 298 290 295 288 296 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 9,760 9,914 10,333 9,570 9,600 10,687 11,209 11,478 11,631 12,859 13,265 15,087 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 19% 14% 13% 14% 11% 20% 16% 18% 16% 15% 10% 13% n.a. n.a. n.a. n.a. n.a. FIXED-LINE Total revenue 437 449 464 424 374 490 546 540 564 556 555 555 1,859 1,834 1,774 1,951 2,230 Customers (mln) 1.1 1.1 1.1 1.2 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.1 1.2 Additional KPI's 4G network coverage 94% 94% 95% 95% 95% 95% 96% 96% 96% 96% 96% 96% 90% 94% 95% 96% 96% 4G mobile customer penetration 55% 56% 59% 62% 63% 62% 63% 63% 63% 65% 67% 69% 46% 53% 62% 63% 69% Notes: For definitions please see VEON Ltd.’s trading update published on its website on the date hereof X

Kazakhstan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 Total revenue 175 188 204 208 214 224 224 193 188 201 213 215 569 636 775 854 816 Telecom + Infrastrcuture revenue 160 172 187 187 193 200 201 169 165 176 185 182 705 762 708 Digital revenue 14 16 18 21 21 24 23 24 23 26 27 32 69 92 108 EBITDA 92 104 118 107 118 125 106 93 95 100 115 99 307 321 421 442 408 EBITDA margin (%) 52.5% 55.4% 57.6% 51.5% 55.3% 55.8% 47.3% 48.3% 50.4% 49.6% 53.9% 46.0% 54.0% 50.4% 54.3% 51.8% 50.0% EBIT (Operating profit) 67 84 92 81 92 97 78 66 56 70 85 68 196 212 325 332 280 CAPEX 16 26 33 92 19 31 56 73 24 44 57 76 135 122 166 178 201 Telecom Metrics Customers (mln) 10.6 10.8 11.0 11.1 11.2 11.4 11.6 11.6 11.6 11.7 11.9 11.8 9.9 10.6 11.1 11.6 11.8 ARPU (USD) 4.1 4.4 4.8 4.7 4.9 5.1 4.7 4.5 4.4 4.5 4.5 4.4 n.a. n.a. n.a. n.a. n.a. MOU (min) 144 152 147 141 129 137 130 121 105 110 102 89 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 17,893 17,224 17,547 18,505 19,118 18,529 18,410 19,962 19,974 20,689 21,890 22,826 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 25% 19% 20% 25% 22% 19% 20% 24% 25% 21% 27% 30% n.a. n.a. n.a. n.a. n.a. FIXED-LINE Total revenue 43 46 45 46 48 50 57 14 14 15 14 16 91 129 180 169 59 Customers (mln) 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.6 0.6 0.7 0.7 0.8 (in Local Currency millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 Total revenue 79,417 84,452 93,026 96,667 96,397 100,315 106,830 96,347 95,726 103,466 113,969 112,522 242,509 293,057 353,562 399,889 425,684 Telecom + Infrastrcuture revenue 72,986 77,090 84,881 86,912 86,785 89,458 95,843 84,580 84,095 90,209 99,330 95,627 321,868 356,665 369,262 Digital revenue 6,431 7,363 8,145 9,755 9,613 10,858 10,987 11,768 11,631 13,256 14,639 16,895 31,694 43,225 56,422 EBITDA 41,702 46,820 53,730 49,815 53,294 55,956 50,535 46,582 48,582 51,326 61,416 51,746 131,060 147,793 192,067 206,368 213,070 EBITDA margin (%) 52.5% 55.4% 57.8% 51.5% 55.3% 55.8% 47.3% 48.3% 50.8% 49.6% 53.9% 46.0% 54.0% 50.4% 54.3% 51.6% 50.1% EBIT (Operating profit) 30,560 37,777 42,014 37,892 41,250 43,467 37,184 32,936 29,166 36,089 45,770 35,760 83,508 97,851 148,243 154,837 146,785 CAPEX 7,143 11,625 14,954 42,205 8,346 13,822 26,975 36,543 12,200 22,518 30,629 39,388 57,667 56,766 75,927 85,686 104,736 Telecom Metrics Subscribers (mln) 10.6 10.8 11.0 11.1 11.2 11.4 11.6 11.6 11.6 11.7 11.9 11.8 9.9 10.6 11.1 11.6 11.8 ARPU (KZT) 1,844.4 1,975.5 2,189.0 2,208.5 2,199.7 2,263.9 2,254.2 2,250.5 2,237.5 2,326.6 2,391.6 2,292.9 n.a. n.a. n.a. n.a. n.a. MOU (min) 144 152 147 141 129 137 130 121 105 110 102 89 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 17,893 17,224 17,547 18,505 19,118 18,529 18,410 19,962 19,974 20,689 21,890 22,826 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 25% 19% 20% 25% 22% 19% 20% 24% 25% 21% 27% 30% n.a. n.a. n.a. n.a. n.a. FIXED-LINE Total revenue 19,776 20,492 20,437 21,391 21,566 22,485 27,173 7,019 7,309 7,539 7,756 8,303 38,771 59,758 82,095 78,243 30,907 Customers (mln) 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.6 0.6 0.7 0.7 0.8 Additional KPI's 4G network coverage 88% 88% 89% 89% 89% 90% 90% 92% 92% 92% 92% 93% 81% 87% 89% 92% 93% 4G mobile customer penetration 69% 71% 73% 73% 76% 76% 77% 76% 76% 75% 77% 76% 64% 68% 73% 76% 76% Notes: For definitions please see VEON Ltd.’s trading update published on its website on the date hereof X

Bangladesh index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 Total revenue 138 144 146 141 141 141 123 115 111 117 117 115 564 576 570 520 460 Telecom + Infrastrcuture revenue 138 144 145 140 141 139 123 115 111 113 106 105 568 517 435 Digital revenue 0 0 0 1 0 2 0 0 1 4 10 10 2 3 25 EBITDA 50 54 56 53 44 52 50 34 38 88 49 51 235 210 214 180 226 EBITDA margin (%) 36.3% 37.8% 38.5% 37.8% 31.2% 37.3% 40.3% 29.8% 33.9% 75.6% 42.1% 44.4% 41.6% 36.5% 37.6% 34.7% 49.2% EBIT (Operating profit) (4) (0) 5 43 (7) 3 2 (8) (8) 41 3 8 57 115 45 -10 43 CAPEX 30 37 20 18 14 21 17 17 7 6 7 19 88 196 105 68 38 Telecom Metrics Customers (mln) 38.7 39.1 39.9 40.4 41.0 41.3 37.8 35.8 35.0 34.8 34.7 34.4 35.1 37.6 40.4 35.8 34.4 ARPU (USD) 1.2 1.2 1.2 1.2 1.1 1.1 1.0 1.0 1.0 1.1 1.1 1.1 n.a. n.a. n.a. n.a. n.a. MOU (min) 162.4 161.7 156.3 149.2 146.5 145.3 150.8 152.6 148.2 155.9 155.0 150.9 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 5,166 5,645 5,906 4,971 4,818 4,435 4,565 6,169 6,425 7,605 7,977 7,485 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 26% 27% 32% 38% 37% 31% 43% 25% 12% 10% 15% 20% n.a. n.a. n.a. n.a. n.a. (in Local Currency billions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 Total revenue 14.6 15.4 15.9 15.6 15.4 16.0 14.5 13.8 13.5 14.2 14.2 14.0 47.9 53.7 61.5 59.8 56 Telecom + Infrastrcuture revenue 14.6 15.4 15.8 15.4 15.4 15.8 14.5 13.7 13.4 13.7 12.9 12.8 61.3 59.4 53 Digital revenue 0.0 0.0 0.0 0.1 0.0 0.3 0.0 0.0 0.1 0.5 1.3 1.2 0.2 0.3 3 EBITDA 5.3 5.8 6.1 5.9 4.8 6.0 5.9 4.1 4.6 10.7 6.0 6.2 20.0 19.6 23.1 20.8 28 EBITDA margin (%) 36.3% 37.8% 38.5% 37.8% 31.1% 37.3% 40.3% 29.8% 33.9% 75.6% 42.1% 44.4% 41.6% 36.4% 37.6% 34.7% 49.2% EBIT (Operating profit) (0.4) (0.0) 0.6 4.8 (0.8) 0.4 0.3 (1.0) (1.0) 5.0 0.3 0.9 5 11 5 -1 5 CAPEX 3.1 4.0 2.2 2.0 1.6 2.4 2.0 2.0 0.8 0.7 0.8 2.3 8 18 11 8 5 Telecom Metrics Customers (mln) 38.7 39.1 39.9 40.4 41.0 41.3 37.8 35.8 35.0 34.8 34.7 34.4 35.1 37.6 40.4 35.8 34.4 ARPU (BDT) 126 130 132 127 125 128 121 123 125 134 134 133 n.a. n.a. n.a. n.a. n.a. MOU (min) 162 162 156 149 147 145 151 153 148 156 155 151 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 5,166 5,645 5,906 4,971 4,818 4,435 4,565 6,169 6,425 7,605 7,977 7,485 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 26% 27% 32% 38% 37% 31% 43% 25% 12% 10% 15% 20% n.a. n.a. n.a. n.a. n.a. Additional KPI's 4G network coverage 82% 83% 86% 87% 88% 89% 90% 92% 92% 92% 92% 93% 69% 81% 87% 92% 93% 4G mobile customer penetration (3 Months active) 45% 46% 49% 50% 52% 52% 51% 50% 51% 52% 54% 53% 34% 43% 50% 50% 53% Notes: For definitions please see VEON Ltd.’s trading update published on its website on the date hereof X

Uzbekistan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 Total revenue 63 66 65 75 67 67 70 70 73 75 77 83 194 233 269 273 308 Telecom + Infrastrcuture revenue 62 62 63 71 64 64 67 66 65 67 68 73 258 261 273 Digital revenue 2 3 2 3 2 3 3 4 8 8 9 11 10 12 35 EBITDA 28.2 27.3 23.1 33.6 24.5 23.5 25.0 27.5 27.5 28.3 26.7 33.0 89 124 112 100 115 EBITDA margin (%) 44.5% 41.6% 35.8% 44.8% 36.8% 35.3% 35.7% 39.4% 37.9% 37.9% 34.4% 39.7% 45.9% 53.4% 41.8% 36.8% 37.5% EBIT (Operating profit) 25.0 16.1 11.9 24.7 15.1 10.3 11.9 15.5 13.2 14.1 11.5 20.9 53 81 78 53 60 CAPEX 8 28 8 17 42 17 10 50 9 29 11 32 36 61 61 119 81 Telecom Metrics Customers (mln) 8.4 8.6 8.7 8.4 8.2 8.1 8.2 8.3 8.2 7.9 7.7 7.7 7.1 8.4 8.4 8.3 7.7 ARPU (USD) 2.5 2.5 2.5 2.9 2.6 2.7 2.8 2.8 2.9 3.0 3.2 3.4 n.a. n.a. n.a. n.a. n.a. MOU (min) 452 471 482 446 443 455 454 443 419 438 441 449 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 9,082 9,569 10,249 11,023 11,741 11,558 12,215 13,354 14,389 15,888 18,264 21,009 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 45% 40% 45% 47% 38% 40% 42% 45% 58% 67% 64% 56% n.a. n.a. n.a. n.a. n.a. (in Local Currency billions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 Total revenue 720 750 768 921 830 843 886 896 939 958 968 1,002 2,057 2,575 3,158 3,454 3,866 Telecom + Infrastrcuture revenue 698 714 748 878 799 811 852 846 841 861 852 872 3,037 3,308 3,426 Digital revenue 22 36 20 43 30 33 34 50 98 97 116 129 121 146 440 EBITDA 320 312 275 412 305 298 316 352 355 363 334 398 944 1,372 1,319 1,271 1,450 EBITDA margin (%) 44.5% 41.6% 35.8% 44.8% 36.8% 35.3% 35.7% 39.3% 37.9% 37.9% 34.5% 39.7% 45.9% 53.3% 41.8% 36.8% 37.5% EBIT (Operating profit) 283.5 183.6 142.4 302.7 188.2 130.2 150.2 199.1 170.6 181.5 144.0 251.1 559 889 912 668 747 CAPEX 87 326 96 208 527 212 131 644 115 366 139 388 379 681 718 1,514 1,008 Telecom Metrics Customers (mln) 8.4 8.6 8.7 8.4 8.2 8.1 8.2 8.3 8.2 7.9 7.7 7.7 7.1 8.4 8.4 8.3 7.7 ARPU (UZS) 28,100 29,016 29,183 35,022 32,726 33,788 35,486 35,490 37,369 39,000 39,850 41,240 n.a. n.a. n.a. n.a. n.a. MOU (min) 452 471 482 446 443 455 454 443 419 438 441 449 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 9,082 9,569 10,249 11,023 11,741 11,558 12,215 13,354 14,389 15,888 18,264 21,009 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 45% 40% 45% 47% 38% 40% 42% 45% 58% 67% 64% 56% n.a. n.a. n.a. n.a. n.a. Additional KPI's 4G network coverage 78% 78% 85% 85% 86% 88% 89% 89% 89% 90% 91% 91% 62% 78% 85% 89% 91% 4G mobile customer penetration (3 Months active) 68% 69% 71% 73% 74% 74% 74% 74% 74% 74% 75% 77% 61% 66% 73% 74% 77% Notes: For definitions please see VEON Ltd.’s trading update published on its website on the date hereof X

FAQ

How did VEON (VEON) perform financially in full-year 2025?

VEON delivered solid 2025 financial results, with total revenue rising 9.9% year-on-year to USD 4,399 million and EBITDA increasing 18.8% to USD 2,009 million. The EBITDA margin expanded to 45.7%, supported by strong digital growth, disciplined costs, and balanced performance across Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan.

What drove VEON’s digital revenue growth in 2025?

Digital revenue was a key growth engine for VEON in 2025. Digital revenues climbed 62.5% year-on-year to USD 759 million, accounting for 17.3% of group revenue. The segment generated Digital EBITDA of USD 207 million with a 27.3% margin, driven by financial services, ride-hailing, healthcare, superapps, entertainment, and enterprise digital solutions.

How strong was VEON’s balance sheet and cash flow in 2025?

VEON strengthened its balance sheet and cash generation in 2025. Equity free cash flow after leases and licenses reached USD 624 million. Net debt excluding lease liabilities stood at USD 1,751 million, and the net debt-to-EBITDAaL ratio improved to 1.09x, supported by USD 1,734 million of total cash, cash equivalents, and deposits.

What capital return actions and policies did VEON implement?

VEON executed significant buybacks and set a recurring framework. It completed a USD 100 million share buyback, repurchasing 2.14 million ADSs, and launched a second USD 100 million share and/or bond buyback. VEON also adopted a policy targeting at least USD 100 million in annual share repurchases, with shares under future programs to be cancelled.

What strategic transactions did VEON complete or pursue in 2025–2026?

VEON advanced several strategic deals. It completed a Kyivstar secondary public offering with USD 140 million in net proceeds, acquired Ukraine’s Tabletki.ua for USD 160 million, bought ride-hailing company Uklon, is progressing on acquiring TPL Insurance in Pakistan and OLX in Kazakhstan, and secured 190 MHz in Pakistan’s spectrum auction for Jazz.

What is VEON’s financial outlook for 2026?

VEON provided growth-oriented 2026 guidance. The company expects total revenue growth of 9%–12% year-on-year in USD terms and EBITDA growth of 7%–10% in USD. Capex intensity excluding Ukraine is guided to 14%–16%, compared with 16.6% in 2025, reflecting anticipated efficiency gains.

How important are digital and financial services to VEON’s long-term strategy?

Digital and financial services sit at the core of VEON’s strategy. Digital revenues reached USD 759 million in 2025, while financial services revenues were USD 425 million. Management highlighted digital customers surpassing traditional connectivity users and emphasized scaling superapps, financial platforms, healthcare, ride-hailing, and AI-enabled enterprise services across its markets.

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