VEON Ltd 6-K, filed Nov 6, 2026
VEON Ltd. (VEON)
6-K
2026-11-06
For: 2026-11-06
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November 06, 2026
About this 6-K
VEON Ltd filed this 6-K on November 6, 2026.
VEON reported 3Q26 revenue growth of 17.2% to USD 1,307 million and EBITDA growth of 10.1% to USD 577 million, and raised its 2026 revenue growth guidance to 16%–18% and EBITDA growth guidance to 10%–12%. AI summary
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 November 2026
Commission File Number 1-34694
VEON 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 November 6, 2026, the Registrant issued a press release, earnings release, presentation materials, and supplemental factbook, copies of which are furnished hereto as Exhibits 99.1, 99.2, 99.3 and 99.4 respectively.
EXHIBIT INDEX
| Exhibit No. | Description of Exhibit | ||||
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: November 6, 2026 | ||||||||
| By: | /s/ Sebastian Rice | |||||||
| Name: | Sebastian Rice | |||||||
| Title: | Group General Counsel | |||||||
Note: 1. Effective 1Q26, revenues from enterprise identity and credentials management services are reported within Digital Enterprise, which amounted to USD 132 million in 9M26 (9M25 USD 133 million, reclassified) 2. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged. VEON Delivers Double-Digit Growth as Digital Services Reach 27.2% of Revenue VEON raises mid-point of 2026 Revenue and EBITDA outlook Key Highlights • Total revenue increased 17.2% YoY to USD 1,307 million. Revenue for 9M26 grew 17.1% YoY to USD 3,779 million. • EBITDA for the quarter increased 10.1% YoY to USD 577 million. For 9M26, EBITDA grew 11.0% YoY to USD 1,645 million. • Digital revenue1 increased 45.9% YoY to USD 355 million, representing 27.2% of Group revenue, up 5.4 percentage points YoY. Digital EBITDA increased 54.5% YoY to USD 128 million, representing 36.0% EBITDA margin. • Group net profit for the quarter reached USD 225 million, of which net profit attributable to VEON shareholders was USD 187 million, representing diluted earnings per ADS of USD 2.67. • Free cash2 flow reached USD 201 million in 3Q26 (-33.8% YoY); excluding asset disposal proceeds, FCF grew 91.8%. • Mid-point of 2026 guidance raised. Revenue growth outlook now 16%-18% YoY (previously 15%-18%), EBITDA growth outlook now 10%-12% YoY (previously 9% to 12%). Capex intensity (excl. Ukraine) outlook maintained at 15% to 17% of revenues. • 1.55 million ADSs repurchased (for USD 112.5 million) out of an aggregate 2.9 million ADS buyback program. 1.08 million ADSs (1.5% of issued shares) cancelled effective October 20, 2026. All repurchased shares under program to be cancelled. Dubai and New York, Nov 06, 2026 – VEON Ltd. (Nasdaq: VEON) reported results for the third quarter of 2026, delivering 17.2% YoY revenue and 10.1% YoY EBITDA growth and continued expansion of its digital businesses. Digital revenue rose 45.9% YoY, reaching 27.2% of Group revenue, while Digital EBITDA grew 54.5% YoY. On a like-for-like basis, Revenue, EBITDA and profit for the period grew 15.8%, 9.8% and 2.4% respectively for 3Q26, and 16.4%, 12.3% and 25.5% respectively for 9M26. “VEON delivered another quarter of double-digit growth, and we are raising the midpoint of our full year outlook," said Kaan Terzioglu, Group CEO of VEON. "Our telecom business continues to perform, and our digital businesses are becoming more profitable as they scale. Each one makes the other stronger. We look forward to showing how we will keep compounding value for years to come at our Capital Markets Day on November 16." Telecom & Infrastructure: Sustainable, steady Growth • Telecommunications and infrastructure revenue grew 9.2% YoY to USD 952 million in 3Q26, with mobile ARPU increasing 4.7% YoY to USD 1.8, reflecting continued disciplined pricing, customer growth and higher data usage. • Multiplay customers reached 44.7 million, up 2.9% YoY, and generated 4.2x the ARPU of voice-only users, reinforcing the flywheel between connectivity, digital adoption and revenue growth. Digital Platform Scaling Profitably, Generating Cash • Digital customers reached 221.1 million in 3Q26, up 8.2% YoY, demonstrating the scale of VEON's digital ecosystem. • Financial Services revenue grew 54.2% YoY to USD 166 million in 3Q26 and 48.2% YoY to USD 451 million in 9M26. Financial Services customers reached 59.7 million. • Digital EBITDA climbed 54.5% YoY to USD 128 million, representing 36.0% EBITDA margin. LTM Capex intensity was 6.9%. Strong Cash Generation, Accelerating Capital Returns • Free2 cash flow reached USD 201 million in 3Q26 (-33.8% YoY); excluding asset disposal proceeds, FCF grew 91.8%.
3. Cash and cash equivalents include USD 532 million relating to banking operations in Pakistan which is excluded for calculation of net debt. • Cash and cash equivalents stood at USD 2,033 million as of September 30, 2026, including USD 755 million at HQ. Leverage ratio3 stood at 1.05x, with a weighted average debt maturity of 4 years. • VEON recently launched a new buyback program to repurchase 3.9% of outstanding shares (represented by 2.9 million ADSs)– this follows USD 200 million in cumulative buybacks since August 2024. A first tranche of 1.08m ADSs (1.5% of outstanding shares) were cancelled effective October 20, 2026 in connection with the buyback program. VEON will cancel all additional shares acquired under the new buyback program. Other Significant Developments • Announced acquisition of Perfectum in Uzbekistan: advances industry consolidation and materially strengthens Beeline Uzbekistan’s spectrum portfolio. • Progressed collaboration with Starlink: Service launched in Kazakhstan and Bangladesh. Inclusive of Ukraine, the service now has over 13 million subscribers across VEON’s markets. • Established VEON’s digital financial services presence in Bangladesh: Secured approval for a digital banking license, while payment services provider Mukto Pay launched operations in November. • Signed a five-year memorandum of cooperation with the National Bank of Kazakhstan to explore digital payment services and integration with national payment infrastructure in Kazakhstan. • Strengthened Kyivstar's Enterprise Cloud proposition and digital ecosystem significantly with the announced acquisition of GigaCloud. • Enhanced long-term IT cost predictability and accelerated Digital Operator model with a 10-year strategic agreement with Amdocs. • Diversified and strengthened digital entertainment business with announced Jungo TV transaction. VEON is revising up the mid-point of its 2026 outlook Revised Previous Revenue Growth (YoY, USD) 16%–18% 15%–18% EBITDA Growth (YoY, USD) 10%–12% 9%–12% Capex Intensity (excl. Ukraine) 15%-17% (unchanged) 15%–17% Additional information Additional information, including the Earnings Release and the results presentation, is available on VEON’s Investor Relations website at https://www.veon.com/investors 3Q26 results conference call VEON will also host a results conference call with senior management at 16:00 GST (7:00 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-3q-2026-results-presentation.open-exchange.net/ 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. 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/watch?v=gNSGrwWfmAI
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 152 million connectivity and more than 221 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”, 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 statements relating to, among other things, VEON’s plans to implement its strategic priorities, operating model and development plans; VEON's ability to achieve anticipated performance results; VEON’s intended expansion of its digital experience; VEON’s assessment of the impact of the war in Ukraine, including recent escalations, on its current and future operations and financial condition; VEON’s assessment of the impact of political instability in Bangladesh; future market developments and trends; operational and network development and network investment; spectrum acquisitions and renewals; the effect of the acquisition of additional spectrum on customer experience; VEON’s ability to realize the acquisition and disposition of any of its businesses and assets as well as the impact of the consolidation of such newly acquired business and assets, like Tabletki, into VEON’s financials and results of operations; VEON’s ability to execute its strategic transactions in the timeframes anticipated, or at all; VEON’s ability to realize financial improvements; VEON’s ability to realize its share buyback and cancellation targets; and VEON’s ability to realize its targets and commercial initiatives in its various countries of operation. 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 2025 Form 20-F filed with the SEC on March 16, 2026 and other public filings made by VEON with the SEC. 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. See “Disclaimer and Notice to Readers” in our full 3Q26 Earnings Release for a more fulsome description of the above. Contact Information VEON Investor Relations ir@veon.com
e v Digital Enterprise Digital Life Financial Services Earnings Release and Operating Highlights for the Third Quarter and Nine Months ended September 30, 2026 VEON raises mid-point of Revenue and EBITDA Outlook For 2026 3Q26 : Revenues +17.2%, EBITDA +10.1%, Digital Revenues +45.9% Bangladesh Pakistan Ukraine Uzbekistan Kazakhstan Telecommunications & Infrastructure Insurance Payments Wallets Cloud Software AI Platforms B2B Solutions Lending Digital Banking Entertainment Ride-Hailing Healthcare SuperApps Premium Digital Brands
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 2 3Q26 HIGHLIGHTS 1. Like-for-like 3Q26 Revenue, EBITDA and profit growth at 15.8%, 9.8% and 2.4% respectively. Reconciliations included as Attachment B 2. Effective 1Q26, revenues from enterprise identity and credentials management services are reported within VEON Digital Enterprise, which amounted to USD 45 million in 3Q26 (3Q25 USD 45 million, reclassified). 3. 3Q25 reflected a non-cash charge of USD 259 million related to the Kyivstar Group listing and sale of Kyrgyzstan operations 4. Cash & cash equivalents include USD 532 million relating to banking deposits in Pakistan (also excluded for calculation of net debt) 5. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged. 6. Excluding proceeds from disposal of assets, FCF grew 91.8% in 3Q26. Total Revenue1 USD 1,307 million +17.2% YoY Telecommunications and Infrastructure Revenue2 USD 952 million +9.2% YoY Digital Revenue2 USD 355 million +45.9% YoY Diluted Earnings per ADS (EPS) USD 2.67 versus USD (1.84)1,3 in 3Q25 CAPEX USD 225 million LTM Capex Intensity 18.2% (15.4% excl. Ukraine) Net Debt excl. Leases USD 1,781 million Cash and Cash Equivalents4 USD 2,033 million USD 755 million at HQ Net Debt excl. Leases4 / LTM EBITDAaL 1.05x Free Cash Flow 5 USD 201 million -33.8% YoY6 Net Cash Flows from Operating Activities USD 450 million +39.4% YoY EBITDA1 USD 577 million +10.1% YoY, 44.1% EBITDA Margin Weighted Average Debt Maturity 4.0 years 4.9 years at HQ
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 3 9M26 HIGHLIGHTS 1. Like-for-like 9M26 Revenue, EBITDA and profit growth at 16.4%, 12.3% and 25.5% respectively. Reconciliations included as Attachment B. 2. Effective 1Q26, revenues from enterprise identity and credentials management services are reported within VEON Digital Enterprise, which amounted to USD 132 million in 9M26 (9M25 USD 133 million, reclassified). 3. 9M25 profit reflects USD 502 million gain on Pakistan tower sale in 2Q25 and a non-cash charge of USD 259 million related to the Kyivstar Group listing and sale of Kyrgyzstan operations in 3Q25. 4. Cash and cash equivalents include USD 532 million relating to banking operations in Pakistan which is excluded for calculation of net debt. 5. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged. 6. 9M26 FCF includes USD 356m of asset disposal proceeds vs. USD 514mn in 9M25. Excluding proceeds from disposals, FCF grew strongly to USD 164 million in 9M26 (versus USD 6 million in 9M25). Total Revenue1 USD 3,779 million +17.1% YoY Telecommunications and Infrastructure Revenue2 USD 2,779 million +8.1% YoY Digital Revenue2 USD 1,000 million +52.0% YoY EBITDA1 USD 1,645 million +11.0% YoY, 43.5% EBITDA Margin Diluted Earnings per ADS (EPS) USD 5.74 -26.5% YoY1,3 CAPEX USD 562 million LTM Capex Intensity 18.2% (15.4% excl. Ukraine) Weighted Average Debt Maturity 4.0 years 4.9 years at HQ Net Debt excl. Leases USD 1,781 million Cash and Cash Equivalents 4 USD 2,033 million USD 755 million at HQ Net Debt excl. Leases4 / LTM EBITDAaL 1.05x Free Cash Flow 5 USD 520 million +0.1% YoY6 Net Cash Flows from Operating Activities USD 1,310 million +46.9% YoY
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 4 3Q26: VEON Delivers Double-Digit Growth as Digital Services Reach 27.2% of Revenue Key Highlights • Total revenue increased 17.2% YoY to USD 1,307 million. Revenue for 9M26 grew 17.1% YoY to USD 3,779 million. • EBITDA for the quarter increased 10.1% YoY to USD 577 million. For 9M26, EBITDA grew 11.0% YoY to USD 1,645 million. • Digital revenue increased 45.9% YoY to USD 355 million, representing 27.2% of Group revenue, up 5.4 percentage points YoY. Digital EBITDA increased 54.5% YoY to USD 128 million, representing 36.0% EBITDA margin. • Group net profit for the quarter reached USD 225 million, of which net profit attributable to VEON shareholders was USD 187 million, representing diluted earnings per ADS of USD 2.67. • Free cash flow reached USD 201 million in 3Q26 (-33.8% YoY); excluding asset disposal proceeds, FCF grew 91.8%. • Mid-point of 2026 guidance raised. Revenue growth outlook now 16%-18% YoY (previously 15%-18%), EBITDA growth outlook now 10%-12% YoY (previously 9% to 12%). Capex intensity (excl. Ukraine) outlook maintained at 15% to 17% of revenues. • 1.55 million ADSs repurchased (for USD 112.5 million) out of an aggregate 2.9 million ADS buyback program. 1.08 million ADSs (1.5% of issued shares) cancelled effective October 20, 2026. All repurchased shares under program to be cancelled. Dubai and New York, Nov 06, 2026 – VEON Ltd. (Nasdaq: VEON) reported results for the third quarter of 2026, delivering 17.2% YoY revenue and 10.1% YoY EBITDA growth and continued expansion of its digital businesses. Digital revenue rose 45.9% YoY, reaching 27.2% of Group revenue, while Digital EBITDA grew 54.5% YoY. On a like-for-like basis, Revenue, EBITDA and profit for the period grew 15.8%, 9.8% and 2.4% respectively for 3Q26, and 16.4%, 12.3% and 25.5% respectively for 9M26. “VEON delivered another quarter of double-digit growth, and we are raising the midpoint of our full year outlook," said Kaan Terzioglu, Group CEO of VEON. "Our telecom business continues to perform, and our digital businesses are becoming more profitable as they scale. Each one makes the other stronger. We look forward to showing how we will keep compounding value for years to come at our Capital Markets Day on November 16." Telecom & Infrastructure: Sustainable, steady Growth • Telecommunications and infrastructure revenue grew 9.2% YoY to USD 952 million in 3Q26, with mobile ARPU increasing 4.7% YoY to USD 1.8, reflecting continued disciplined pricing, customer growth and higher data usage. • Multiplay customers reached 44.7 million, up 2.9% YoY, and generated 4.2x the ARPU of voice-only users, reinforcing the flywheel between connectivity, digital adoption and revenue growth. Digital Platform Scaling Profitably, Generating Cash • Digital customers reached 221.1 million in 3Q26, up 8.2% YoY, demonstrating the scale of VEON's digital ecosystem. • Financial Services revenue grew 54.2% YoY to USD 166 million in 3Q26 and 48.2% YoY to USD 451 million in 9M26. Financial Services customers reached 59.7 million. • Digital EBITDA climbed 54.5% YoY to USD 128 million, representing 36.0% EBITDA margin. LTM Capex intensity was 6.9%. Strong Cash Generation, Accelerating Capital Returns • Free cash flow reached USD 201 million in 3Q26 (-33.8% YoY); excluding asset disposal proceeds, FCF grew 91.8%. • Cash and cash equivalents stood at USD 2,033 million as of September 30, 2026, including USD 755 million at HQ. Leverage ratio stood at 1.05x, with a weighted average debt maturity of 4 years. • VEON recently launched a new buyback program to repurchase 3.9% of outstanding shares (represented by 2.9 million ADSs)– this follows USD 200 million in cumulative buybacks since August 2024. A first tranche of 1.08m ADSs (1.5% of outstanding shares) were cancelled effective October 20, 2026 in connection with the buyback program. VEON will cancel all additional shares acquired under the new buyback program.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 5 Other Significant Developments • Announced acquisition of Perfectum in Uzbekistan: advances industry consolidation and materially strengthens Beeline Uzbekistan’s spectrum portfolio. • Progressed collaboration with Starlink: Service launched in Kazakhstan and Bangladesh. Inclusive of Ukraine, the service now has over 13 million subscribers across VEON’s markets. • Established VEON’s digital financial services presence in Bangladesh: Secured approval for a digital banking license, while payment services provider Mukto Pay launched operations in November. • Signed a five-year memorandum of cooperation with the National Bank of Kazakhstan to explore digital payment services and integration with national payment infrastructure in Kazakhstan. • Strengthened Kyivstar's Enterprise Cloud proposition and digital ecosystem significantly with the announced acquisition of GigaCloud. • Enhanced long-term IT cost predictability and accelerated Digital Operator model with a 10-year strategic agreement with Amdocs. • Diversified and strengthened digital entertainment business with announced Jungo TV transaction. VEON is revising up the mid-point of its 2026 outlook Revised Previous Revenue Growth (YoY, USD) 16%–18% 15%–18% EBITDA Growth (YoY, USD) 10%–12% 9%–12% Capex Intensity (excl. Ukraine) 15%-17% (unchanged) 15%–17%
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 6 VEON Group: 3Q26 & 9M26 Key Highlights 1. Like-for-like 3Q26 Revenue, EBITDA and profit growth at 15.8%, 9.8% and 2.4% and 9M26 at 16.4%, 12.3% and 25.5%. Reconciliations included as Attachment B 2. Effective 1Q26, Enterprise identity and credentials management revenue is now reported within VEON Digital Enterprise (9M26: $132 million; 9M25: $133 million) 3. 3Q25 reflects a non-cash charge of USD 259 million related to the Kyivstar Group listing and sale of Kyrgyzstan operations. 9M25 profit also reflects USD 502 million gain on Pakistan tower sale recognized in 2Q25. Like on profits for the period grew 2.4%YoY in 3Q26 and 25.5% in 9M26. 4. LTM Capex Intensity excluding Ukraine: 15.4%.; LTM Telecommunications and Infrastructure Capex intensity (excl Ukraine): 18.4% 5. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged. Excluding proceeds from asset disposals, FCF grew 91.8% in 3Q26. 9M26: excluding proceeds from asset disposals, FCF grew to USD 164 million (versus USD 6 million in 9M25). 6. Cash and cash equivalents include USD 532 million relating to banking operations in Pakistan. This amount is excluded from calculation of net debt. 7. Customers as of end-October 2026. USD million except per ADS data 3Q26 3Q25 YoY 9M26 9M25 YoY Total revenue, of which1: 1,307 1,115 17.2% 3,779 3,228 17.1% Telecommunications and infrastructure2 952 871 9.2% 2,779 2,570 8.1% Digital2 355 244 45.9% 1,000 658 52.0% Digital Revenue as % of Total Revenue 27.2% 21.8% 5.4p.p. 26.5% 20.4% 6.1p.p. EBITDA1 577 524 10.1% 1,645 1,483 11.0% Telecommunications and infrastructure 449 441 1.8% 1,299 1,266 2.7% Digital 128 83 54.5% 346 217 59.6% Profit for the Period1 225 (127)3 n.m 488 599 (18.6%)3 Profit attributable to owners of the parent1,3 187 (131)3 n.m 408 563 (27.6%)3 Diluted Earnings per ADS (USD)1,3 2.67 (1.84)3 n.m 5.74 7.81 (26.5%)3 Capex 225 223 1.0% 562 589 (4.7%) Telecommunications and infrastructure 204 211 (3.1%) 511 555 (8.0%) Digital 21 12 74.7% 51 34 50.8% LTM Capex intensity4 18.2% 21.6% (3.3p.p.) 18.2% 21.6% (3.4p.p.) Telecommunications and infrastructure 22.2% 25.3% (3.1p.p.) 22.2% 25.3% (3.1p.p.) Digital 6.9% 6.3% 0.6p.p. 6.9% 6.3% 0.6p.p. EBITDA after Leases (EBITDAaL) 453 410 10.7% 1,280 1,199 6.8% Free Cash Flow 5 201 303 (33.8%)5 520 520 0.1%5 Sep 26 Dec 25 vs. Dec Cash and cash equivalents 6 2,033 1,732 17.4% 35.8% 4.2% 1.7% (3.2%) Cash and cash equivalents at HQ level 755 556 Net debt 3,657 3,510 Net debt, excluding leases 1,781 1,751 Net debt6, excl. leases to LTM EBITDAaL 1.05x 1.09x 3Q26 3Q25 YoY 2Q26 1Q26 4Q25 Telecommunications Metrics (millions) Customers Mobile 152.3 149.5 1.9% 151.5 150.5 150.2 Fixed 2.16 1.96 10.2% 2.11 2.09 2.00 Multiplay (based on one month active customers) 44.7 43.5 2.9% 45.3 45.8 45.0 Satellite (D2C) 8.0/ 13.27 n/a n.m 6.4 4.9 n/a ARPU Mobile ARPU (total base) 1.79 1.71 4.7% 1.80 1.76 1.74 Multiplay 4.0 3.5 15.7% 3.9 3.6 3.5 Fixed 6.10 5.51 10.7% 6.11 5.71 5.74 3Q26 3Q25 YoY 2Q26 Digital Metrics (millions) Total Digital Customers (users active in quarter) 221.1 204.4 8.2% 228.2 Includes: VEON Financial Services 59.7 58.9 1.4% 60.6 VEON Digital Life: Entertainment 80.8 90.1 (10.3%) 93.1 Ride-Hailing 5.4 5.1 6.0% 5.2 Healthcare 16.4 5.8 183.2% 16.2 Premium Digital brands 6.9 4.3 58.9% 6.6 Others (SuperApps, Marketplaces & Education) 74.4 59.8 24.4% 69.6 Digital Only Customers (users active in quarter) 63.9 n/a n.m 76.6
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 7 CONTENTS 3Q26 & 9M26 GROUP PERFORMANCE 8 OUTLOOK FOR 2026 19 PRESENTATION OF FINANCIAL RESULTS 20 COUNTRY OVERVIEW 24 KEY RECENT DEVELOPMENTS 38 ATTACHMENTS 41 NOTICE TO READERS 53
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 8 3Q26 & 9M26 GROUP PERFORMANCE Operational and Financial Overview Group revenue increased 17.2% YoY to USD 1,307 million in 3Q26. Growth was broad-based across the Group’s operating markets, supported by continued ARPU expansion, disciplined pricing actions, digital acquisitions and sustained demand for digital services. On a like-for-like basis, revenue increased 15.8% YoY in 3Q26, with reconciliations provided in Attachment B. For 9M26, Group revenue rose 17.1% YoY to USD 3,779 million. On a like-for-like basis, revenue increased 16.4% YoY. Revenue for the three-month period ended September 30, 2026: Telecom and Infra revenue Digital revenue Total revenue Digital as % to total Rev USD million 3Q26 3Q25 YoY 3Q26 3Q25 YoY 3Q26 3Q25 YoY 3Q26 3Q25 YoY Pakistan 313 266 17.6% 209 139 50.5% 522 405 28.9% 40.1% 34.3% 5.8p.p. Ukraine 276 254 8.3% 76 45 69.0% 352 299 17.4% 21.6% 15.0% 6.6p.p. Kazakhstan 189 178 6.3% 41 35 19.7% 230 213 8.5% 18.0% 16.3% 1.7p.p. Bangladesh 102 104 (1.5%) 15 13 18.4% 117 117 0.7% 13.0% 11.1% 1.9p.p. Uzbekistan 72 66 9.5% 14 11 19.2% 86 77 11.0% 16.1% 15.0% 1.1p.p. HQ & Kyrg. n.m 4 n.m n.m 1 n.m n.m 4 n.m n.m n.m n.m Total 952 872 9.2% 355 244 45.9% 1,307 1,115 17.2% 27.2% 21.8% 5.4p.p. Telecommunications and infrastructure revenue amounted to USD 952 million in 3Q26, increasing 9.2% YoY. Digital revenue reached USD 355 million, increasing 45.9% YoY, and represented 27.2% of total Group revenue, up from 21.8% in 3Q25. Starting from 1Q26, revenues from enterprise identity and credentials management services, which are transitioning to API-led platforms, are reported within the VEON Digital Enterprise vertical. These revenues amounted to USD 45 million in 3Q26, compared with USD 45 million in 3Q25. Prior-period financials have been reclassified accordingly to ensure comparability. On a comparable basis, excluding this reclassification, digital revenue grew 56.8% YoY in 3Q26. Revenue for the nine-month period ended September 30, 2026: Telecom and Infra revenue Digital revenue Total revenue Digital as % to total Rev USD million 9M26 9M25 YoY 9M26 9M25 YoY 9M26 9M25 YoY 9M26 9M25 YoY Pakistan 912 785 16.3% 574 401 43.2% 1,486 1186 25.4% 38.6% 33.8% 4.8p.p. Ukraine 801 738 8.6% 217 104 108.5% 1,018 842 21.0% 21.3% 12.4% 8.9p.p. Kazakhstan 546 503 8.4% 123 98 25.0% 669 601 11.1% 18.4% 16.3% 2.1p.p. Bangladesh 308 326 (5.4%) 46 19 137.9% 354 345 2.6% 13.0% 5.6% 7.4p.p. Uzbekistan 212 193 9.8% 40 32 27.2% 252 225 12.2% 15.9% 14.1% 1.8p.p. HQ & Kyrg. - 25 n.m n.m 4 n.m - 29 n.m n.m n.m n.m Total 2,779 2,570 8.1% 1,000 658 52.0% 3,779 3228 17.1% 26.5% 20.4% 6.1p.p. Telecommunications and infrastructure revenue amounted to USD 2,779 million in 9M26, increasing 8.1% YoY. Digital revenue increased 52.0% YoY to USD 1,000 million and accounted for 26.5% of total Group revenue, compared with 20.4% in 9M25. Revenues from enterprise identity and credentials management services, which are transitioning to API-led platforms, are reported within the VEON Digital Enterprise vertical effective 1Q26. These revenues amounted to USD 132 million in 9M26, compared with USD 133 million in 9M25. Prior-period financials have been reclassified
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 9 accordingly to ensure comparability. On a comparable basis, excluding this reclassification, digital revenue grew 65.4% YoY in 9M26. EBITDA for the three-month period ended September 30, 2026: Group EBITDA increased 10.1% YoY to USD 577 million in 3Q26. The EBITDA margin was 44.1%, compared with 47.0% in 3Q25. On a like-for-like basis, Group EBITDA increased 9.8% YoY. The margin trend reflects a mix shift as Telecommunications and infrastructure EBITDA amounted to USD 449 million, with an EBITDA margin of 47.2%. Digital EBITDA increased 54.5% YoY to USD 128 million, with an EBITDA margin of 36.0%. Telecom and Infra EBITDA Digital EBITDA Total EBITDA Total EBITDA margin % USD million 3Q26 3Q25 YoY 3Q26 3Q25 YoY 3Q26 3Q25 YoY 3Q26 3Q25 YoY Pakistan 161 147 9.9% 74 39 86.9% 235 186 26.2% 45.0% 45.9% (0.9p.p.) Ukraine 159 153 3.4% 31 18 74.7% 190 171 10.7% 54.0% 57.2% (3.2p.p.) Kazakhstan 77 96 (20.0%) 17 19 (10.3%) 94 115 (18.4%) 40.6% 53.9% (13.3p.p.) Bangladesh 44 43 1.7% 5 6 (18.2%) 49 49 (0.5%) 41.6% 42.1% (0.5p.p.) Uzbekistan 29 26 12.2% 2 1 83.6% 31 27 15.2% 35.7% 34.4% 1.3p.p. HQ & Kyrg. (21) (24) (14.6%) (1) - (59.2%) (22) (24) (13.8%) n.m n.m n.m Total 449 441 1.8% 128 83 54.5% 577 524 10.1% 44.1% 47.0% (2.8p.p.) EBITDA for the nine-month period ended September 30, 2026: Group EBITDA increased 11.0% YoY to USD 1,645 million in 9M26. The EBITDA margin was 43.5%, compared with 45.9% in 9M25. On a like-for-like basis, Group EBITDA increased 12.3% YoY. Telecommunications and infrastructure EBITDA amounted to USD 1,299 million, with an EBITDA margin of 46.8%. Digital EBITDA increased 59.6% YoY to USD 346 million, with an EBITDA margin of 34.6%. Telecom and Infra EBITDA Digital EBITDA Total EBITDA Total EBITDA margin % USD million 9M26 9M25 YoY 9M26 9M25 YoY 9M26 9M25 YoY 9M26 9M25 YoY Pakistan 474 403 17.5% 186 109 71.5% 660 512 28.9% 44.4% 43.2% 1.2p.p. Ukraine 462 435 6.1% 91 45 102.9% 553 480 15.1% 54.3% 57.0% (2.7p.p.) Kazakhstan 228 260 (12.1%) 45 49 (8.3%) 274 309 (11.5%) 40.9% 51.4% (10.5p.p.) Bangladesh 131 172 (23.8%) 14 3 346.8% 145 175 (17.4%) 40.8% 50.8% (9.9p.p.) Uzbekistan 82 75 8.4% 10 7 36.0% 91 82 10.8% 36.2% 36.7% (0.5p.p.) HQ & Kyrg. (78) (80) (3.4%) 0 4 (88.5%) (77) (76) 1.0% n.m n.m n.m Total 1,299 1,266 2.7% 346 217 59.6% 1,645 1,483 11.0% 43.5% 45.9% (2.4p.p.) The separate presentation of Telecommunications and infrastructure and digital EBITDA and margins reflect the Group’s evolving revenue composition. Digital businesses typically operate at lower EBITDA margins than traditional Telecommunications services due to their growth and investment characteristics; however, their lower capital intensity supports strong free cash flow conversion and cash generation comparable to Telecommunications. Effective this quarter, direct HQ costs attributable to the digital businesses are allocated to Digital Services EBITDA. Prior period amounts have been recast to conform to this presentation. As a result, Digital Services EBITDA is lower, and Telecommunications and Infrastructure EBITDA higher, by USD 5 million for 2Q26 and USD 3 million for 2Q25 (USD 10 million for 6M26 and USD 5 million for 6M25). Group revenue, EBITDA and profit are unchanged. A reconciliation of previously reported to recast amounts is provided in Attachment [B].
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 10 Telecommunications & Infrastructure: Customers The Group’s mobile subscriber base remained broadly stable at 152.3 million as of September 30, 2026. The 4G + 5G user base increased 5.2% YoY to 109.1 million, supported by continued migration to data-led services and deeper digital engagement. Multiplay customers grew 2.9% YoY to 44.7 million and represented 34.0% of the one month mobile customer base. These customers generate approximately 4.2 times the ARPU of voice-only users and remain an important source of growth through the combined use of voice, data and digital services. In collaboration with Starlink, VEON has now launched Satellite-to-Mobile Service in in Kazakhstan and Bangladesh. Inclusive of Ukraine, the service now has 13.2 million subscribers across VEON’s markets. 3Q26 3Q25 YoY 2Q26 1Q26 4Q25 Telecommunications Metrics (millions) Customers Mobile 152.3 149.5 1.9% 151.5 150.5 150.2 Fixed 2.16 1.96 10.2% 2.11 2.09 2.00 Multiplay 44.7 43.5 2.9% 45.3 45.8 45.0 Satellite (D2C) 8.0/13.21 n/a n.m 6.4 4.9 n/a ARPU Mobile ARPU (total base) 1.79 1.71 4.7% 1.80 1.76 1.74 Multiplay 4.0 3.5 15.7% 3.90 3.6 3.5 Fixed 6.10 5.51 10.7% 6.11 5.71 5.74 1. Total customers as of end-October Revenues, EBITDA and Capex: Telecommunications and infrastructure revenue amounted to USD 2,779 million in 9M26, increasing 8.1% YoY, supported by continued network investment, pricing actions and customer engagement initiatives across the Group. Telecommunications and infrastructure EBITDA amounted to USD 1,299 million, with an EBITDA margin of 46.8%. Telecommunications and infrastructure capex for 9M26 amounted to USD 511 million, with a last twelve month capex to revenue ratio of 22.2% (18.4% excl. Ukraine). VEON Group: Telecommunications & Infrastructure USD million 3Q26 3Q25 YoY 9M26 9M25 YoY Revenue1 952 872 9.2% 2,779 2,570 8.1% EBITDA 449 441 1.8% 1,299 1,266 2.7% EBITDA margin % 47.2% 50.6% (3.4p.p.) 46.8% 49.2% (2.4p.p.) Capex 204 211 (3.1%) 511 555 (8.0%) LTM Capex Intensity % 22.2% 25.3% (3.1p.p.) 22.2% 25.3% (3.1p.p.) LTM Capex Intensity (excl. Ukraine) 18.4% 20.9% (2.5p.p.) 18.4% 20.9% (2.5p.p.) 1. Effective 1Q26, Enterprise identity and credentials management revenue is now reported within VEON Digital Enterprise (3Q26: $45 million; 3Q25: $45 million; 9M26: $132 million; 9M25: $133 million)
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 11 Digital Services Customers VEON remains focused on advancing its DO1440 and AI1440 strategies, scaling hyper-local digital services and embedding human-centric AI across its ecosystem. By integrating financial services, entertainment, mobility, premium digital brands, healthcare, enterprise solutions and SuperApps, VEON is increasing daily customer engagement, expanding the role of its digital platforms and strengthening its relevance across customers’ everyday lives. VEON captures this through three digital pillars – Financial Services, Digital Life (everyday services our customers rely on including entertainment, ride-hailing, health, and a growing portfolio of marketplaces, SuperApps, premium brands and education) and VEON Digital Enterprise. 3Q26 3Q25 YoY 2Q26 Digital Customers1 Total Digital Customers (users active in quarter) 221.1 204.4 8.2% 228.2 Includes: VEON Financial Services 59.7 58.9 1.4% 60.6 VEON Digital Life: Entertainment 80.8 90.1 (10.3%) 93.1 Ride-Hailing 5.4 5.1 6.0% 5.2 Healthcare 16.4 5.8 183.2% 16.2 Premium Digital brands 6.9 4.3 58.9% 6.6 Others (SuperApps, Marketplaces & Education) 74.4 59.8 24.4% 69.6 Digital Only Customers (users active in quarter) 63.9 n/a n.m 76.6 1. Digital customers refer to active users in 3Q26. Certain prior period amounts have been reclassified to conform to current period presentation. Digital Customers reached 221.1 million in 3Q26, with year-on-year growth of 8.2%. Digital customers refer to active users in 3Q26, which provides a more holistic view of activity during the quarter. The quarter-on-quarter decline in entertainment subscribers (from 93.1 million in 2Q26 to 80.8 million in 3Q26) reflects the absence of marquee events this quarter versus last, including the FIFA World Cup. Digital-only customers stood at 63.9 million for 3Q26 and represent users who actively engage with VEON’s digital platforms but are not Telecommunications subscribers on VEON’s mobile networks, underscoring the expanding reach of the ecosystem beyond connectivity. The quarter-on-quarter decline in Digital-only customers is largely driven by the decline in digital entertainment subscribers. VEON’s DO1440 and AI1440 strategy combines strong network infrastructure with localized digital platforms and AI- enabled applications tailored to the needs of each market. By bringing connectivity, digital services and embedded intelligence together, VEON aims to deepen daily customer engagement, expand its role beyond traditional Telecommunications and deliver locally relevant solutions that support economic growth, digital inclusion and national digital priorities.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 12 Digital Revenues, EBITDA & Capex VEON Group : Digital Services USD million 3Q26 3Q25 YoY 9M26 9M25 YoY Revenue1 355 244 45.9% 1,000 658 52.0% VEON Financial Services 166 107 54.2% 451 304 48.2% VEON Digital Life 123 77 60.7% 347 175 98.2% VEON Digital Enterprise 66 60 11.9% 202 179 12.9% EBITDA 128 83 54.5% 346 217 59.6% VEON Financial Services 54 32 70.1% 139 89 57.9% VEON Digital Life 49 26 84.6% 136 60 125.0% VEON Digital Enterprise 25 25 2.0% 71 68 3.8% EBITDA margin % 36.0% 34.0% 2.0p.p. 34.6% 33.0% 1.6p.p. VEON Financial Services 32.7% 29.7% 3.0p.p. 30.9% 29.0% 1.9p.p. VEON Digital Life 39.6% 34.5% 5.1p.p. 39.2% 34.5% 4.7p.p. VEON Digital Enterprise 37.5% 41.1% (3.6p.p.) 35.1% 38.2% (3.1p.p.) Capex 21 12 74.7% 51 34 50.8% LTM Capex Intensity % 6.9% 6.3% 0.6p.p. 6.9% 6.3% 0.6p.p. 1. Effective 1Q26, Enterprise identity and credentials management revenue is now reported within VEON Digital Enterprise (3Q26: $45 million; 3Q25: $45 million) In 3Q26, VEON’s digital revenues increased 45.9% YoY to USD 355 million, representing 27.2% of total Group revenue. Digital EBITDA reached USD 128 million in the quarter, reflecting continued scaling across digital businesses, improving monetization and operating leverage. On revenue split by markets, Pakistan remained the largest contributor to digital revenues, followed by Ukraine and Kazakhstan, while Bangladesh and Uzbekistan continued to scale rapidly from a smaller base, delivering strong YoY growth rates. Digital revenue growth was particularly strong in Ukraine (+69.0% YoY). Bangladesh grew +18.4% YoY, Pakistan grew +50.5% YoY and Kazakhstan and Uzbekistan grew +19.7% YoY and +19.2% YoY, respectively. VEON Group USD million 3Q26 3Q25 YoY 9M26 9M25 YoY Digital Revenues: Split by Market 355 244 45.9% 1,000 658 52.0% Pakistan 209 139 50.5% 574 401 43.2% Ukraine 76 45 69.0% 217 104 108.5% Kazakhstan 41 35 19.7% 123 98 25.0% Bangladesh 15 13 18.4% 46 19 137.9% Uzbekistan 14 11 19.2% 40 32 27.2% HQ & Kyrgyzstan n.m 1 n.m n.m 4 n.m Note: Revenues from enterprise identity and credentials management services have been reported within the VEON Digital Enterprise vertical starting from 1Q26 onwards. Prior periods have been reclassified accordingly.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 13 By verticals, financial services remain the largest contributor, accounting for approximately 46.6% of total digital revenues in 3Q26. VEON Digital Financial Group (VEON DFG) serves as VEON’s dedicated organizational and strategic arm for digital financial services, bringing together the Group’s financial assets and businesses under a unified vision and operating framework. Leveraging VEON’s extensive customer reach, digital ecosystems, technology capabilities and local market expertise, VEON DFG aims to accelerate financial inclusion, expand access to affordable and innovative financial services, and unlock new opportunities for sustainable growth across VEON’s markets. VEON Group USD million 3Q26 3Q25 YoY 9M26 9M25 YoY Digital Revenues: Split by verticals 355 244 45.9% 1,000 658 52.0% VEON Financial Services 166 107 54.2% 451 304 48.2% VEON Digital Life 123 77 60.7% 347 175 98.2% Entertainment 45 31 45.2% 128 75 72.7% Ride-hailing 33 25 35.5% 99 46 113.5% Health 11 2 485.3% 29 5 446.6% Premium Digital Brands 32 18 79.9% 87 46 88.0% Others 2 1 34.6% 4 3 36.7% VEON Digital Enterprise 66 60 11.9% 202 179 12.9% Note: Revenues from enterprise identity and credentials management services have been reported within the VEON Digital Enterprise vertical starting from 1Q26 onwards. Prior periods have been reclassified accordingly. VEON Digital Life revenue amounted to USD 123 million in 3Q26. VEON Digital Life spans the everyday services our customers rely on beyond connectivity. It includes entertainment, ride-hailing, healthcare, and a growing portfolio of marketplaces, SuperApps, premium brands, and education: • Entertainment digital revenues (comprising Tamasha in Pakistan, Kyivstar TV in Ukraine, BeeTV in Kazakhstan, Kinom in Uzbekistan and Toffee in Bangladesh) • Ride-Hailing digital revenues reflect Uklon’s business in Ukraine and Uzbekistan as it continued to expand beyond ride-hailing into a one-stop mobility platform. • Digital Health revenues continued to scale across the Group, led by Helsi and Tabletki.ua as our anchor platforms in the vertical. • Premium digital brands are VEON's portfolio of premium digital brands, which offer subscriptions, premium content, in-app upgrades and other value-added digital services. Our key premium digital brands are ROX in Pakistan, Ryze in Bangladesh, IzI in Kazakhstan, and OQ in Uzbekistan. • Others segments comprise SuperApps, Marketplaces and Education. VEON Digital Enterprise revenues are generated from our enterprise platforms that are transforming from internal enablers into market-facing technology leaders, delivering AI, cloud, and data solutions to corporate and government clients. These include QazCode (in Kazakhstan), Kyivstar.Tech (in Ukraine), Garaj (in Pakistan), Buildx (in Uzbekistan), bCloud (in Bangladesh) and the VEON AdTech business. Effective 1Q26, revenues from our enterprise identity and credentials management services, now rapidly transitioning to API-led platforms, are also reported within the VEON Digital Enterprise vertical. These revenues amounted to USD 45 million in 3Q26 (USD 45 million in 3Q25). Prior period financials have been reclassified accordingly to ensure comparability.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 14 Group Financial Overview VEON Group USD million 3Q26 3Q25 YoY 9M26 9M25 YoY Total Revenues1 1,307 1,115 17.2% 3,779 3,228 17.1% Telecommunications and infrastructure2 952 871 9.2% 2,779 2,570 8.1% Digital Services includes2 : 355 244 45.9% 1,000 658 52.0% VEON Financial Services 166 107 54.2% 451 304 48.2% VEON Digital Life 123 77 60.7% 347 175 98.2% VEON Digital Enterprise 66 60 11.9% 202 179 12.9% EBITDA1 577 524 10.1% 1,645 1,483 11.0% Telecommunications and infrastructure 449 441 1.8% 1,299 1,266 2.7% Digital includes : 128 83 54.5% 346 217 59.6% VEON Financial Services 54 32 70.1% 139 89 57.9% VEON Digital Life 49 26 84.6% 136 60 125.0% VEON Digital Enterprise 25 25 2.0% 71 68 3.8% EBITDA Margin (%) 44.1% 47.0% (2.9p.p.) 43.5% 45.9% (2.4p.p.) Telecommunications and infrastructure 47.2% 50.6% (3.4p.p.) 46.8% 49.2% (2.4p.p.) Digital includes : 36.0% 34.0% 2.0p.p. 34.6% 33.0% 1.6p.p. VEON Financial Services 32.7% 29.7% 3.0p.p. 30.9% 29.0% 1.9p.p. VEON Digital Life 39.6% 34.5% 5.1p.p. 39.2% 34.5% 4.7p.p. VEON Digital Enterprise 37.5% 41.1% (3.6p.p.) 35.1% 38.2% (3.1p.p.) Depreciation and Amortization (231) (204) 12.5% (665) (598) 11.0% Impairment loss, net (2) (3) (2.4%) (6) (6) 7.5% Listing expense - (162) n.m - (162) n.m Gain on disposal of non-current assets 31 1 >100% 36 1 >100% Gain on disposal of subsidiaries 30 (97) n.m 49 400 (87.8%) Operating profit/EBIT 405 59 585.7% 1,060 1,118 (5.2%) Net foreign exchange gain / (loss) 25 (6) n.m 38 (58) n.m Net finance costs (154) (132) 17.2% (423) (358) 18.0% Other non-operating (loss) / gain, net 29 (4) n.m 13 27 (53.6%) Profit before tax1 305 (83) n.m 688 729 (5.6%) Income tax expense (80) (44) 85.5% (200) (130) 53.9% Effective tax rate (%) 26.1% n.m n.m. 29.1% 17.8% 11.3p.p. Profit for the Period2 225 (127) n.m 488 599 (18.6%) (Less) Non-Controlling Interest (38) (4) 817.3% (80) (36) 123.6% Profit attributable to owners of the parent 187 (131) n.m 408 563 (27.6%) EPS (per ADS, basic)3 2.74 (1.91) n.m 5.86 8.05 (26.9%) EPS (per ADS, diluted)3 2.67 (1.84) n.m 5.74 7.81 (26.5%) WANS (basic) 1,713 1,735 1,733 1,749 WANS (diluted) 1,756 1,735 1,777 1,803 1. Like-on-like 3Q26 Revenue, EBITDA and profit growth at 15.8%, 9.8% and 2.4% and 9M26 at 16.4%, 12.3% and 25.5% respectively. Reconciliations included as Attachment B 2. Effective 1Q26, Enterprise identity and credentials management revenue is now reported within VEON Digital Enterprise (3Q26: USD 45 million; 3Q25: USD 45 million, 9M26: USD 132 million; 9M25: USD 133 million). 3. The common share to American Depositary Share (ADS) ratio is 25 common shares to 1 ADS. Total Revenues increased 17.2% YoY in 3Q26, driven by pricing-led growth across core connectivity services and the contribution from acquired and expanding digital platforms. An improved product mix, rising multiplay adoption and resilient demand across key operating markets provided further support. On a like-for-like basis, total revenues increased 15.8% YoY, with the reconciliation to reported revenue growth provided in Attachment B. EBITDA increased by 10.1% YoY to USD 577 million in 3Q26. On a like-for-like basis, Group EBITDA increased 9.8% YoY. The EBITDA margin was 44.1%, compared with 47.0% in 3Q25. The margin trend is driven by revenue mix as digital businesses typically operate at lower EBITDA margins than traditional Telecommunications services due to their growth and investment characteristics. Telecommunications and infrastructure EBITDA amounted to USD 449 million in 3Q26, with an EBITDA margin of 47.2%.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 15 Digital EBITDA increased 54.5% YoY to USD 128 million for 3Q26, with an EBITDA margin of 36.0%, reflecting continued scaling and operating leverage across digital platforms. Depreciation and amortization rose 12.5% YoY in 3Q26, reflecting sustained investment in network capacity, spectrum-related assets, digital platforms and IT infrastructure. Operating profit/EBIT increased 585.7% YoY in 3Q26, primarily reflecting the impact of a non-cash charge of USD 259 million recognized in 3Q25 results related to the Kyivstar Group listing and the sale of Kyrgyzstan operations (sold during the third quarter of 2025). 3Q26 reflects a gain of USD 31 million from the Amdocs transaction, presented within gain on disposal of non-current assets. Net finance costs increased by 17.2% YoY in 3Q26, driven by higher gross debt and increase in lease liabilities, partially offset by higher interest income from higher cash balances. Other non-operating gain / (loss), net reflects a USD 29 million gain for 3Q26, which was primarily driven by a change in fair value of Kyivstar Group Ltd warrants (USD 15 million for 3Q26). Income tax expense increased to USD 80 million in 3Q26 from USD 44 million in 3Q25. The effective tax rate (ETR) was 26.1% in 3Q26. The prior-year rate was negative because local income tax was charged on subsidiary profits, whereas the Group’s consolidated result was a pre-tax loss driven by subsidiary disposal losses and a one-time listing expense. Net profit attributable to owners of the parent was USD 187 million in 3Q26 compared with a net loss of USD 131 million in 3Q25. The loss in 3Q25 reflects the impact of a non-cash charge of USD 259 million recognized in 3Q25 results related to the Kyivstar Group listing and sale of Kyrgyzstan operations (sold during the third quarter of 2025). Free Cash Flow FCF was previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged. 3Q25 FCF includes USD 230 million of asset disposal proceeds vs. USD 61 million in 3Q26. Excluding disposals, FCF grew 91.8% in 3Q26. 9M25 FCF includes USD 514 million of asset disposal proceeds vs. USD 356 million in 9M26, excluding disposals, FCF grew strongly to USD 164 million in 9M26 (versus USD 6 million in 9M25). USD million 3Q26 3Q25 9M26 9M25 EBITDA 577 524 1,645 1,483 Changes in working capital (15) (87) 65 (109) Changes in provisions, pensions and other 16 32 61 80 Net Interest paid (62) (66) (240) (238) Income taxes paid (67) (79) (223) (324) Banking interest expense (13) (10) (35) (26) Cash capex (excluding license payments) (208) (194) (673) (602) Proceeds from full and partial sale of subs & other non-current assets 61 230 356 514 Lease liabilities payments - principal (75) (70) (215) (175) Licenses payments (63) (57) (75) (73) Decrease / (increase) in customer banking deposits / loans 50 80 (146) (9) Free Cash Flow 201 303 520 520 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 banking cash flows, cash outflows related to business acquisitions, inflow/outflow of deposits and financial assets. Cash flows from financing activities like debt issuance or re-payments and proceeds from issuance of shares are excluded.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 16 Liquidity and Capital Structure USD million 30 Sep’2026 30 Jun’2026 QoQ 30 Sep’2025 YoY Cash and cash equivalents includes: 2,033 2,193 (7.3%) 1,663 22.3% Cash at HQ 755 968 (21.9%) 636 18.7% Cash & Deposits relating to Pakistan banking 532 510 4.5% 282 88.8% Gross debt, of which 5,162 5,362 (3.7%) 4,861 6.2% Bonds and loans – principal 3,171 3,429 (7.5%) 3,051 3.9% Lease liabilities - principal 1,876 1,855 1.1% 1,749 7.2% Long-term accounts payable and other 115 77 49.4% 61 88.5% Net debt1 3,657 3,675 (0.5%) 3,478 5.2% Net debt / LTM EBITDA 1.68x 1.73x 1.84x Net debt excluding leases1 1,781 1,819 (2.1%) 1,729 3.0% Net debt excluding leases1 / LTM EBITDAaL 1.05x 1.10x 1.13x 1. Excludes USD 532 million of cash and deposits relating to banking operations in Pakistan as of September 30, 2026 and includes accrued interest income of USD 4m on money market deposits. Cash and cash equivalents declined to USD 2,033 million at the end of 3Q26, from USD 2,193 million at the end of 2Q26. Of this amount, USD 755 million was held at headquarters, compared with USD 968 million at the end of 2Q26. Net dividends up-streamed from Operating Companies were USD 90.1 million after withholding tax in 3Q26 (USD 194.3 million for 9M26). Gross debt declined to USD 5,162 million at the end of 3Q26, down from USD 5,362 million at the end of 2Q26, a quarter-on-quarter decrease of approximately 3.7%, largely attributable to the early repayment of the USD 210 million term loan facility agreement dated 27 March 2025. Net debt decreased 0.5% quarter-on-quarter to USD 3,657 million at the end of 3Q26, from USD 3,675 million at the end of 2Q26, as a reduction in gross debt reinforced by a smaller decrease in cash position. Year-on-year, net debt decreased 0.5% to USD 3,657 million in 3Q26. Net debt to LTM EBITDA improved to 1.68x, from 1.73x in the previous quarter and 1.84x a year earlier. Net debt excluding leases decreased 2.1% quarter-on-quarter to USD 1,781 million but increased 3.0% year-on-year. Net debt excluding leases/LTM EBITDAaL improved to 1.05x from 1.10x quarter-on-quarter, while improving from 1.13x a year earlier. The leverage calculation excludes USD 532 million of cash and cash equivalents relating to banking operations in Pakistan as of September 30, 2026.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 17 2026 OUTLOOK, CAPITAL RETURN POLICY VEON is revising up the mid-point of its 2026 outlook for revenues and EBITDA. Revenue growth outlook is now expected 16%–18% YoY (previously 15%-18%) in USD terms, and EBITDA growth outlook at 10%–12% YoY (previously 9% to 12%). Capex intensity (excl. Ukraine) outlook maintained at 15% to 17% of revenues. Since August 2024, VEON has completed USD 200 million in cumulative buybacks. In September 2026, it announced a new program to repurchase 3.9% of outstanding shares (2.9 million ADSs) through open-market purchases and proportionate shareholder participation - a program valued at approximately USD 200 million based on the closing price of USD 69.37 per ADS on September 22, 2026, the announcement date (each ADS represents 25 shares). As of November 4, 2026, VEON had repurchased 1.55 million ADSs for USD 112.5 million under the 2.9 million ADS program. Of these, 1.08 million ADSs (1.5% of outstanding shares) were cancelled effective October 20, 2026. VEON will cancel all additional shares acquired under the new program. Going forward, VEON intends to return approximately USD 200 million to shareholders annually via its buyback programs. VEON continues to believe that its shares remain undervalued and that buybacks are an effective means of delivering value to shareholders, underscoring a disciplined approach to capital allocation and long-term value creation. Including earlier phases of the program first announced in August 2024, VEON has now repurchased 5.6 million ADSs. (7.6% of total ADSs outstanding) to November 4, 2026, for a total consideration of USD 312.5 million. SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO QUARTER-END On November 06, 2026, VEON announced an agreement to acquire a 33.75% equity stake, with control rights, in Jungo TV. Jungo TV operates more than 50 streaming and television channels across 65 countries, via platforms including Amazon, Roku, Pluto TV, Samsung TV Plus and VIZIO, and its portfolio includes the All Women’s Sports Network, co-founded by Whoopi Goldberg. The investment combines Jungo TV’s content and international distribution with VEON’s digital platforms and customer relationships, expanding access to entertainment and sports programming across Pakistan, Bangladesh, Uzbekistan, Kazakhstan and Ukraine while driving digital revenue through subscriptions, advertising, sponsorship and content licensing. The consideration comprises USD 5 million in cash, and approximately 2.35 million existing shares of Kyivstar Group Ltd. (NASDAQ: KYIV) held by VEON, to be delivered at closing. At the agreed reference price of $18.00 per Kyivstar share, the total consideration is approximately $47.3 million. On October 27, 2026, Kyivstar announced the acquisition of GigaCloud, a leading Ukrainian cloud infrastructure provider, for up to USD 50 million, advancing its digital enterprise cloud proposition, digital ecosystem and AI strategy. Founded in 2016, GigaCloud serves more than 1,800 enterprise customers. Based on unaudited management accounts, the company generated approximately USD 14 million in revenue and USD 4.7 million in EBITDA in 2025, representing an EBITDA margin of approximately 34%. The transaction is expected to be immediately accretive to Kyivstar’s earnings and cash flow. On October 19, 2026, VEON announced that it has agreed to acquire 100% of Rubicon Wireless, the mobile network operator trading under the “Perfectum” brand, a mobile network operator in Uzbekistan. Under the terms of the agreement, the total consideration is approximately USD 207 million inclusive of the assumed Perfectum's outstanding financial debt of approximately USD 93 million. Perfectum’s assets include 115 MHz of spectrum across the 850 MHz and 3,800 MHz bands, together with modern network equipment and infrastructure assets, including a 5G standalone network deployed using Nokia equipment. The transaction is expected to increase Beeline Uzbekistan’s spectrum holdings by approximately 50%, providing additional resources to enhance network coverage and capacity and support its roadmap for 5G and fixed wireless access services. On October 9, 2026, Banglalink announced the launch of satellite-to-mobile service, powered by Starlink, making Bangladesh the first country in South Asia to introduce the service. Inclusive of Ukraine, Kazakhstan and now Bangladesh. VEON has more than 13 million customers using the service across its markets. On October 7, 2026, VEON announced a 10-year strategic agreement with Amdocs to run and continuously modernize its core technology operations across Eurasia. Amdocs will also integrate certain QazCode intellectual property into Amdocs as its agentic operating system for telecommunications. The agreement accelerates VEON’s
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 18 digital operator strategy and brings long-term cost predictability to IT. Under the agreement Qazcode sold five software applications to Amdocs for the total consideration of USD 38 million, of which part is deferred over two years. VEON recognized a gain on sale of USD 31 million upon the transaction, presented within gain on disposal of non-current assets in 3Q26.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 19 OUTLOOK FOR 2026 VEON is revising up the mid-point of its 2026 outlook for revenues and EBITDA. Revenue growth is now expected 16%– 18% YoY (previously 15%-18%) in USD terms, and EBITDA growth at 10%–12% YoY (previously 9% to 12%). Capex intensity (excl. Ukraine) outlook is unchanged at 15% to 17% of revenues. FY26 Outlook 9M26 Actual USD USD Total Revenue, YoY Growth 16% - 18% 17.1% Previous outlook 15% - 18% EBITDA, YoY Growth 10% - 12% 11.0% Previous outlook 9% - 12% Capex Intensity (excl. Ukraine) 15% - 17% (unchanged) 15.4%
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 20 PRESENTATION OF FINANCIAL RESULTS Interim Condensed Consolidated Income Statement for the three and nine-month periods ended September 30 Three-month period Nine-month period (In millions of U.S. dollars, except per share amounts) 2026 2025 2026 2025 Revenue 1,307 1,115 3,779 3,228 Cost of services, equipment and accessories (193) (133) (515) (366) Selling, general and administrative expenses (538) (470) (1,622) (1,392) Listing expense — (162) — (162) Depreciation (164) (149) (473) (429) Amortization (67) (55) (192) (169) Impairment loss (2) (3) (6) (6) Gain on disposal of non-current assets 31 1 36 1 Gain on disposal of subsidiaries, net 30 (97) 50 400 Other operating income 1 12 3 13 Operating profit 405 59 1,060 1,118 Finance costs (174) (146) (491) (392) Finance income 20 14 68 34 Other non-operating (loss) / gain, net 29 (4) 13 27 Net foreign exchange (loss) / gain 25 (6) 38 (58) Profit before tax 305 (83) 688 729 Income taxes (80) (44) (200) (130) Profit / (loss) for the period 225 (127) 488 599 Attributable to: The owners of the parent 187 (131) 408 563 Non-controlling interest 38 4 80 36 225 (127) 488 599 Earnings / (loss) per share attributable to ordinary equity holders of the parent Basic $0.11 ($0.08) $0.24 $0.32 Diluted $0.11 ($0.08) $0.24 $0.31 Earnings / (loss) per ADS attributable to ordinary equity holders of the parent (25 common shares equal 1 ADS) Basic $2.74 ($1.89) $5.89 $8.05 Diluted $2.67 ($1.89) $5.74 $7.81 Weighted average common shares outstanding: Basic 1,712.52 1,734.92 1,732.79 1,748.75 Diluted 1,756.17 1,734.92 1,776.47 1,803.19
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 21 Interim Condensed Consolidated Statement of Comprehensive Income for the three and nine-month period ended September 30 Three-month period Nine-month period (In millions of U.S. dollars) 2026 2025 2026 2025 Revenue Profit / (loss) for the period 225 (127) 488 599 Items that may be reclassified to profit or loss Foreign currency translation 47 (2) (17) 7 Reclassification of accumulated foreign currency translation reserve to income statement upon disposal of subsidiary (28) 99 (47) (355) Net gain on cash flow hedges 3 - 2 - Items that will not be reclassified to profit or loss Fair value re-measurement of financial instruments (1) - (2) 7 Other (2) - (1) - Other comprehensive income / (loss) for the period, net of tax 19 97 (65) (341) Total comprehensive income for the period, net of tax 244 (30) 423 258 Attributable to: The owners of the parent 196 (31) 341 225 Non-controlling interests 48 1 82 33 Total comprehensive income for the period, net of tax 244 (30) 423 258
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 22 Interim Condensed Consolidated Statement of Financial Position as of (In millions of U.S. dollars) 30 Sep 2026 31 Dec 2025 Assets Non-current assets Property and equipment 4,086 3,757 Intangible assets 1,898 1,549 Investments and derivatives 53 144 Deferred tax assets 446 418 Loans to customers 71 31 Other assets 168 203 Total non-current assets 6,722 6,102 Current assets Inventories 42 32 Trade and other receivables 377 266 Investments and derivatives 432 489 Current income tax assets 56 43 Loans to customers 390 335 Other assets 231 216 Cash and cash equivalents 2,033 1,732 Total current assets 3,561 3,113 Total assets 10,283 9,215 Equity and liabilities Equity Equity attributable to equity owners of the parent 1,651 1,340 Non-controlling interests 398 294 Total equity 2,049 1,634 Non-current liabilities Debt and derivatives 4,367 4,043 Provisions 48 43 Deferred tax liabilities 62 41 Other liabilities 16 18 Total non-current liabilities 4,493 4,145 Current liabilities Trade and other payables 1,741 1,442 Debt and derivatives 1,244 1,102 Provisions 70 261 Current income tax payables 92 88 Other liabilities 594 539 Total current liabilities 3,741 3,432 Liabilities associated with assets held for sale - 4 Total equity and liabilities 10,283 9,215
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 23 Interim Condensed Consolidated Statement of Cash Flows for the nine-month periods ended September 30 (In millions of U.S. dollars) 2026 2025 Operating activities Profit before tax 688 729 Non-cash adjustments to reconcile profit before tax to net cash flows Depreciation, amortization and impairment loss, net 671 604 Gain on disposal of non-current assets (36) (1) Gain on disposal of subsidiaries, net (50) (400) Finance costs 491 392 Finance income (68) (34) Other non-operating (loss) / gain, net (13) (27) Net foreign exchange loss / (gain) (38) 58 Listing expense — 162 Changes in trade and other receivables and prepayments (85) (129) Changes in inventories (9) (10) Changes in trade and other payables 160 29 Changes in provisions, pensions and other 61 80 Interest paid (287) (266) Interest received 47 28 Income tax paid (223) (323) Net cash flows from operating activities from continuing operations 1,309 892 Investing activities Purchase of property, plant and equipment (571) (523) Purchase of intangible assets (177) (152) Payment on deposits 12 (21) Investment (in)/ receipts from financial assets (22) 24 Acquisition of subsidiary, net of cash acquired (241) (151) Proceeds from sales of share in subsidiaries, net of cash 179 378 Proceeds from sales of property, plant and equipment 37 4 Net outflows on loans granted (76) (40) Net cash flows used in investing activities from continuing operations (859) (481) Financing activities Proceeds from borrowings, net of fees paid 1,654 832 Repayment of debt (1,487) (1,152) Payments of lease liabilities (215) (175) Proceeds from sale of non-controlling interest 140 — Share repurchases (126) (93) Dividends paid to non-controlling interests (16) — Proceeds from subsidiary listing, net of fees — 132 ADG resolution (120) — Net cash flows used in financing activities from continuing operations (170) (456) Net increase / (decrease) in cash and cash equivalents 280 (45) Net foreign exchange difference 20 6 Cash and cash equivalents classified as held for sale at the beginning of the period — 14 Cash and cash equivalents at beginning of period, net of overdrafts 1,732 1,688 Cash and cash equivalents at end of period, net of overdraft 2,033 1,663
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 24 COUNTRY OVERVIEW Key Figures by Countries 1. Revenue from enterprise identity and credential management services is reported within the VEON Digital Enterprise vertical starting 1Q26, with 3Q26 at USD 45 million and 9M26 at USD 132 million. Prior periods have been reclassified accordingly (3Q25: USD 45 million; 9M25: USD 133 million). 2. HQ, Others and eliminations include Kyrgyzstan business for 3Q25 (prior to sale in August 2025) USD million 3Q26 3Q25 YoY YoY local currency 9M26 9M25 YoY YoY local currency Group Total revenue 1,307 1,115 17.2% 15.7% 3,779 3,228 17.1% 16.5% Telecom + Infra 952 871 9.2% 7.7% 2,779 2,570 8.1% 7.6% Digital1 355 244 45.9% 44.2% 1,000 658 52.0% 51.3% Pakistan 522 405 28.9% 26.6% 1,486 1,186 25.4% 24.2% Telecom + Infra 313 266 17.6% 15.5% 912 785 16.3% 15.2% Digital1 209 139 50.5% 47.9% 574 401 43.2% 41.9% Ukraine 352 299 17.4% 26.4% 1,018 842 21.0% 28.2% Telecom + Infra 276 254 8.3% 16.6% 801 738 8.6% 15.1% Digital1 76 45 69.0% 81.9% 217 104 108.5% 121.3% Kazakhstan 230 213 8.5% (6.6%) 669 601 11.1% 2.0% Telecom + Infra 189 178 6.3% (8.4%) 546 503 8.4% (0.5%) Digital1 41 35 19.7% 3.0% 123 98 25.0% 14.6% Bangladesh 117 117 0.7% 1.9% 354 345 2.6% 3.6% Telecom + Infra 102 104 (1.5%) (0.3%) 308 326 (5.4%) (4.5%) Digital1 15 13 18.4% 19.8% 46 19 137.9% 140.1% Uzbekistan 86 77 11.0% 5.7% 252 225 12.2% 5.9% Telecom + Infra 72 66 9.5% 4.3% 212 193 9.8% 3.5% Digital1 14 11 19.2% 13.4% 40 32 27.2% 20.1% HQ and Others2 - 4 n.m n.m - 29 n.m n.m Group EBITDA 577 524 10.1% 9.5% 1,645 1,483 11.0% 11.1% Telecom + Infra 449 441 1.8% 1.3% 1,299 1,266 2.7% 2.8% Digital1 128 83 54.5% 52.9% 346 217 59.6% 62.2% Pakistan 235 186 26.2% 23.9% 660 512 28.9% 27.7% Telecom + Infra 161 147 9.9% 7.9% 474 403 17.5% 16.4% Digital1 74 39 86.9% 83.5% 186 109 71.5% 69.8% Ukraine 190 171 10.7% 19.2% 553 480 15.1% 22.1% Telecom + Infra 159 153 3.4% 11.3% 462 435 6.1% 12.5% Digital1 31 18 74.7% 88.0% 91 45 102.9% 115.2% Kazakhstan 94 115 (18.4%) (29.6%) 274 309 (11.5%) (18.9%) Telecom + Infra 77 96 (20.0%) (30.9%) 228 260 (12.1%) (19.4%) Digital1 17 19 (10.3%) (22.9%) 45 49 (8.3%) (16.1%) Bangladesh 49 49 (0.5%) 0.7% 145 175 (17.4%) (16.7%) Telecom + Infra 44 43 1.7% 2.9% 131 172 (23.8%) (23.1%) Digital1 5 6 (18.2%) (17.1%) 14 3 346.8% 350.7% Uzbekistan 31 27 15.2% 9.4% 91 82 10.8% 4.4% Telecom + Infra 29 26 12.2% 6.8% 82 75 8.4% 2.2% Digital1 2 1 83.6% 69.1% 9 7 36.0% 27.2% HQ and Others2 (22) (24) n.m n.m (77) (76) n.m n.m Group EBIT / Op. Profit 405 59 585.7% 574.8% 1,060 1,118 (5.2%) (5.4%) Pakistan 159 102 55.8% 53.1% 442 381 16.0% 14.8% Ukraine 127 (43) n.m n.m 379 176 115.1% 127.2% Kazakhstan 86 85 0.3% (14.2%) 194 212 (8.4%) (17.0%) Bangladesh 9 3 231.5% 235.9% 24 36 (32.9%) (32.3%) Uzbekistan 16 11 41.6% 34.1% 51 39 31.3% 23.5% HQ and Others1 8 (99) n.m n.m (30) 274 n.m n.m
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 25 Consolidated Financial Metrics PKR million 3Q26 3Q25 YoY 9M26 9M25 YoY Total revenue, of which: 144,935 114,479 26.6% 414,386 333,601 24.2% Telecom and infrastructure 86,826 75,176 15.5% 254,343 220,807 15.2% Digital 58,109 39,303 47.9% 160,043 112,794 41.9% Digital % of Total Revenue (%) 40.1% 34.3% 5.8p.p. 38.6% 33.8% 4.8p.p. Total EBITDA, of which: 65,172 52,594 23.9% 184,066 144,106 27.7% Telecom and infrastructure 44,720 41,451 7.9% 132,097 113,506 16.4% Digital 20,452 11,143 83.5% 51,969 30,600 69.8% EBITDA margin (%), of which: 45.0% 45.9% (0.9p.p.) 44.4% 43.2% 1.2p.p. Telecom and infrastructure 51.5% 55.1% (3.6p.p.) 51.9% 51.4% 0.5p.p. Digital 35.2% 28.4% 6.8p.p. 32.5% 27.1% 5.4p.p. EBIT 44,238 28,891 53.1% 123,325 107,394 14.8% EBIT margin (%) 30.5% 25.2% 5.3p.p. 29.8% 32.2% (2.4p.p.) Total Capex, of which: 20,947 12,401 68.9% 50,154 37,921 32.3% Telecom and infrastructure 18,616 11,729 58.7% 44,017 34,492 27.6% Digital 2,331 672 246.7% 6,137 3,429 79.0% LTM Total Capex Intensity 13.2% 13.5% (0.3p.p.) 13.2% 13.5% (0.3p.p.) Note: Revenue from enterprise identity and credential management services is reported within the Digital Enterprise vertical starting from the beginning of 2026, with 3Q26 at PKR 6.5 billion and 9M26 at PKR 19.6 billion. Prior periods have been reclassified accordingly (3Q25: PKR 6.6 billion; 9M25: PKR 19.0 billion). Telecommunications Metrics 3Q26 3Q25 YoY 2Q26 1Q26 4Q25 Mobile customers (mn) 76.4 72.7 5.1% 75.4 74.9 73.9 4G/5G customers (mn) 59.5 55.1 8.1% 58.1 57.1 55.5 Multiplay customers (mn) 23.2 22.8 1.6% 22.9 23.8 23.7 Mobile ARPU (LCY) 320.0 298.8 7.1% 328.6 317.1 307.1 Data usage (GB/user) 8.4 7.5 11.7% 8.2 8.2 7.7 Digital Metrics Millions 3Q26 2Q26 1Q26 4Q25 Total Digital customers1 133.8 136.0 142.7 122.1 Includes: JazzCash 30.4 29.5 29.2 27.0 SIMOSA 36.3 33.8 34.0 29.5 Tamasha 33.9 38.7 48.9 33.7 ROX 3.3 3.3 3.5 3.1 FikrFree2 16.8 17.9 18.0 17.7 1. Digital customers refer to active users in 3Q26; 2. For FikrFree, the numbers refer to unique policy holders in the quarter and includes prior period adjustments VEON’s operations in Pakistan comprise two distinct businesses: Jazz (digital operator business), and the financial services business, which includes Mobilink Microfinance Bank, Jazz Cash and JazzSure Insurance. To date, results for both have been presented on a consolidated basis. Starting this quarter, VEON is presenting the two businesses separately to provide investors with greater transparency into the performance, economics and growth drivers of each business. Amounts presented for Jazz and the financial services business are shown on a standalone basis and may not sum to consolidated Pakistan results due to intercompany eliminations and consolidation adjustments. PAKISTAN Strong all-round growth
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 26 Financial Metrics PKR million 3Q26 3Q25 YoY 9M26 9M25 YoY Total revenue, of which: 103,377 90,212 14.6% 303,862 262,219 15.9% Telecom and infrastructure 87,632 76,799 14.1% 256,847 222,143 15.6% Digital 15,745 13,413 17.4% 47,015 40,077 17.3% Digital % of Total Revenue (%) 15.2% 14.9% 0.4p.p. 15.5% 15.3% 0.2p.p. Total EBITDA, of which: 51,267 46,779 9.6% 151,327 119,138 27.0% Telecom and infrastructure 44,710 42,391 5.5% 132,249 109,047 21.3% Digital 6,557 4,388 49.4% 19,078 10,091 89.1% EBITDA margin (%), of which: 49.6% 51.9% (2.3p.p.) 49.8% 45.4% 4.4p.p. Telecom and infrastructure 51.0% 55.2% (4.2p.p.) 51.5% 49.1% 2.4p.p. Digital 41.6% 32.7% 8.9p.p. 40.6% 25.2% 15.4p.p. EBIT 31,506 23,765 32.57% 93,756 86,430 8.5% EBIT margin (%) 30.5% 26.3% 4.1p.p. 30.9% 33.0% (2.1p.p.) Total Capex, of which 19,191 11,869 61.7% 47,450 33,600 41.2% Telecom and infrastructure 18,616 11,729 58.7% 44,017 31,351 40.4% Digital 575 140 310.1% 3,433 2,249 52.6% LTM Total Capex Intensity 15.7% 14.7% 1.0p.p. 15.7% 14.7% 1.0p.p. Note: Revenue from enterprise identity and credential management services is reported within the Digital Enterprise vertical starting from the beginning of 2026, with 3Q26 at PKR 6.7 billion and 9M26 at PKR 20.1 billion. Prior periods have been reclassified accordingly (3Q25: PKR 6.7 billion; 9M25: PKR 19.5 billion). Telecommunications Metrics 3Q26 3Q25 YoY 2Q26 1Q26 4Q25 Mobile customers (mn) 76.4 72.7 5.1% 75.4 74.9 73.9 4G/5G customers (mn) 59.5 55.1 8.1% 58.1 57.1 55.5 Multiplay customers (mn) 23.2 22.8 1.6% 22.9 23.8 23.7 Mobile ARPU (LCY) 320.0 298.8 7.1% 329.8 318.3 309.0 Data usage (GB/user) 8.4 7.5 11.7% 8.2 8.2 7.7 Digital Metrics millions 3Q26 2Q26 1Q26 4Q25 Total Digital customers1 103.4 106.5 113.5 95.1 Includes: SIMOSA 36.3 33.8 34.0 29.5 Tamasha 33.9 38.7 48.9 33.7 ROX 3.3 3.3 3.5 3.1 FikrFree2 16.8 17.9 18.0 17.7 1. Digital customers refer to active users in 3Q26; 2. For FikrFree, the numbers refer to unique policy holders in the quarter and includes prior period adjustments. JAZZ DIGITAL OPERATOR Robust all-round growth
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 27 Total revenue in 3Q26 increased 14.6% YoY to PKR 103,377 million, supported by growth in the core telecommunications and infrastructure business and continued expansion across digital services. Performance was driven by disciplined pricing actions, improved prepaid monetisation, growth in the subscriber base and data usage, and higher contributions from digital businesses. Telecommunications and infrastructure revenue grew 14.1% YoY to PKR 87,632 million, supported by effective pricing, higher mobile ARPU, increased data consumption and continued adoption of multiplay offers. Digital revenue grew 17.4% YoY to PKR 15,745 million, increasing its contribution to total revenue to 15.2% in 3Q26 from 14.9% in 3Q25. EBITDA increased 9.6% YoY to PKR 51,267 million in 3Q26, while the EBITDA margin was 49.6%, compared with 51.9% in 3Q25. EBITDA growth was supported by higher core revenues, improved prepaid monetisation and cost discipline, partly offset by annual cost escalations and revenue-linked expenses. Digital EBITDA increased 49.4% YoY to PKR 6,557 million, with the Digital EBITDA margin expanding to 41.6% from 32.7% in the prior year. In 9M26, total revenue increased 15.9% YoY to PKR 303,862 million, while EBITDA rose 27.0% YoY to PKR 151,327 million and the EBITDA margin expanded by 4.4 percentage points to 49.8%. Jazz continued to advance its DO1440 and AI1440 strategy. Its mobile subscriber base increased 5.1% YoY to 76.4 million, while mobile ARPU rose 7.1% YoY to PKR 320, supported by disciplined pricing and higher data usage. Data usage grew 11.7% YoY to 8.4 GB per user. The 4G / 5G user base reached 59.5 million, up 8.1% YoY, with 4G/5G penetration increasing to 77.9%, a rise of 2.1 percentage points YoY. Total digital customers reached 103.4 million in 3Q26. Tamasha recorded 33.9 million users in 3Q26, compared with 38.7 million in 2Q26, reflecting the normalisation of engagement following the Pakistan Super League season. The platform continued to strengthen its entertainment offering through local content partnerships and premium sports programming. SIMOSA, Jazz's SIM- care and lifestyle platform, recorded 36.3 million users as of September 30, 2026, up 22.1% YoY. ROX, Jazz's premium digital brand, reached 3.3 million users, increasing 62.8% YoY. Multiplay customers grew 1.6% YoY to 23.2 million and represented 36.4% of the one month mobile customer base. These customers generate approximately 3.7 times the ARPU of voice-only users and remain an important source of growth through the combined use of voice, data and digital services. Total capex increased 61.7% YoY to PKR 19,191 million in 3Q26, reflecting continued investment in network capacity and 5G deployment following recent spectrum acquisitions, with over 1,000 5G sites rolled out to date. LTM capex intensity was 15.7%, compared with 14.7% in the prior-year period. Investment remains focused on deploying newly acquired spectrum, expanding network capacity and supporting growing data demand.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 28 Financial Metrics millions PKR USD 3Q26 YoY 9M26 YoY 3Q26 YoY 9M26 YoY Total revenue, of which: 43,424 67.6% 116,189 58.4% 156 70.6% 417 59.9% Credit related revenue 26,090 60.3% 73,361 58.0% 94 63.2% 263 59.5% Payments and transaction revenue 9,730 67.8% 26,247 57.8% 35 70.8% 94 59.3% Investment income 5,236 62.6% 13,187 45.4% 19 65.6% 47 46.7% Other revenue 2,368 285.2% 3,394 181.9% 9 292.2% 12 184.6% Total operating costs, of which: (23,420) 53.2% (64,783) 51.1% (84) 56.0% (232) 52.5% Technology costs (1,375) 84.4% (4,298) 41.9% (5) 87.8% (15) 43.2% Operating expenses (22,045) 51.6% (60,484) 51.8% (79) 54.3% (217) 53.2% Operating Profit (before loan loss provisions) 20,004 88.3% 51,407 68.8% 72 91.8% 184 70.4% Loan loss provisions (11,207) 33.2% (32,304) 29.7% (40) 35.6% (116) 30.8% Operating Profit 8,797 298.5% 19,103 244.4% 32 305.7% 69 248.4% Other non-operating gain 179 >100% 626 >100% 1 >100% 2 >100% Net foreign exchange gain (34) n.m (31) 17.9% (0) n.m (0) 19.9% Profit before tax 8,941 296.8% 19,697 256.4% 32 304.0% 71 260.5% Income tax (2,146) (31.2%) (6,395) 92.0% (8) (30.0%) (23) 94.8% Net Profit 6,795 n.m. 13,303 505.5% 24 n.m. 48 509.1% EBITDA 13,840 137.2% 32,731 109.8% 50 141.5% 117 112.0% Operating Metrics PKR USD 3Q26 3Q25 YoY 3Q26 3Q25 YoY Customers transaction activity Branchless bank accounts (mn) 65.0 53.5 21.6% 65.0 53.5 21.6% Customers Active During Quarter (mn) 30.4 26.3 15.6% 30.4 26.3 15.6% Active merchants during quarter (k) 957.1 431.3 121.9% 957.1 431.3 121.9% Gross transaction value (bn) 6,927 3,865 79.2% 25 14 82.5% Chargeable Gross transaction value (bn) 3,199 1,757 82.1% 12 6 85.0% Loan Portfolio Gross loan portfolio (mn), includes: 134,639 88,614 51.9% 486 315 54.4% Banking loans (mn) 88,523 68,640 29.0% 320 244 31.3% Nano loans (mn) 46,116 19,974 130.9% 166 71 134.6% Disbursements during the period (mn) 141,311 78,451 80.1% 509 277 83.4% Asset Quality NPL ratio (banking loans %)1 8.1% 10.4% (2.3p.p.) 8.1% 10.4% (2.3p.p.) Recovery Rate (nano-loans %)2 93.2% 91.5% 1.7p.p 93.2% 91.5% 1.7p.p. Capital adequacy ratio MMBL (%) 16.8% 18.0% (1.2p.p.) 16.8% 18.0% (1.2p.p.) Cash / Treasury book Customer deposits (mn) 287,065 177,692 61.6% 1,036 631 64.1% Average monthly investments (mn) 289,023 187,641 54.0% 1,044 667 56.5% 1. NPL ratio (banking loans%) Calculated as Stage 3 (credit-impaired) exposures, as defined under IFRS 9, divided by total outstanding portfolio. 2. Recovery rate reflects proportion of nano-loan principal recovered for cohorts maturing in the quarter, divided by total disbursement of that cohort . A cohort matures when 236 portfolio days have elapsed since disbursement PAKISTAN FINANCIAL SERVICES Scaling profitably, and at pace
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 29 Pakistan Financial Services comprises JazzCash, Mobilink Bank (MMBL) and JazzSure (TPL Insurance, rebranded) bringing together payments, banking, lending and insurance under one platform. The combination pairs JazzCash’s and MMBL’s customer and merchant scale with regulated banking, balance-sheet and insurance capabilities, positioning Pakistan Financial Services to deepen customer relationships across payments, credit, savings, investments and insurance. Total revenue grew 67.6% YoY to PKR 43.4 billion in 3Q26. Credit-related revenue grew 60.3% to PKR 26.1 billion, payments and transaction revenue grew 67.8% to PKR 9.7 billion, and investment income grew 62.6% to PKR 5.2 billion. Operating profit (pre-provisions) grew 88.3% to PKR 20.0 billion and represents a margin of 46.2% of revenues for the period. Profit before tax grew 296.8% YoY to PKR 8.9 billion, with net profit at PKR 6.8 billion for the quarter. Branchless bank accounts increased 21.6% YoY to 65.0 million with customers active in the quarter growing 15.6% to 30.4 million. Transaction volumes grew 72.8% YoY while the average number of transactions per active customer grew 53.5% YoY to drive Gross Transaction Value (GTV) of PKR 6.9 trillion for 3Q26 (+79.2% YoY). LTM Gross Transaction Value rose 72.8% YoY to PKR 22.7 trillion (USD 81.2 bn). The business continues to build on its total merchant network which approximated 2.0 million as of September 2026, with active merchants at 957K for the quarter. Payment and transaction revenues are driven by continued expansion across payments and merchant services. A material proportion of transactions are non-fee generating, reflecting both the business's strategic focus on driving awareness and adoption and, in certain cases, existing regulatory restrictions. Chargeable Gross transaction value for the quarter was PKR 3.2 trillion, which made up 46% of Gross Transaction Value. Credit related revenues primarily relate to interest income and loan related fees earned on our lending portfolio, which includes traditional banking loans and nano-loans. Jazz Cash issued over 230K nano-loans per day during the quarter. The loan portfolio grew 51.9% YoY to PKR 134.6 billion as of 30 September. Average loan size for 3Q26 for banking loans and nano-loans was PKR 634k and PKR 5.7k respectively; average tenor for nano-loans is 4 weeks, and ~2 years for banking loans. Investment Income primarily comprises interest earned on cash deposits, float balances, and cash equivalents (like government securities) held on the platform. Loan-loss provisions increased 33.2% year-over-year to PKR 11.2 billion in 3Q26, with a 51.9% expansion in the gross loan portfolio during the same period. The NPL ratio on banking loans was 8.1% for the period, reflecting disciplined credit processes and the overall health of the loan portfolio. Over 80% of the banking loan portfolio is collateralized through gold or other security. The recovery rate on nano-loans was 93.2% for the period. Given the shorter tenor of nano-loans, we believe this is a more representative indicator of credit quality for the segment, as it captures the ultimate recovery outcome of loans extending past due date, rather than a point in time delinquency snapshot. The lending platform leverages proprietary data driven credit models and analytics capabilities built on customer transaction and behavioral data. These capabilities support more accurate risk assessment, improved customer targeting, and responsible portfolio growth, enabling the business to expand access to credit while maintaining disciplined risk management. This discipline is underpinned by a capital adequacy ratio of 16.8%, comfortably above regulatory minimums and providing continued headroom to support future lending growth. The business is taking a leadership role in KYC, activity monitoring and compliance. Whilst these may moderate near-term growth and add friction at the margin, they provide additional security on the platform, protect customers, drive regulatory trust and underpin healthier long-term growth.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 30 Financial Metrics UAH million 3Q26 3Q25 YoY 9M26 9M25 YoY Total revenue, of which: 15,713 12,429 26.4% 44,880 35,006 28.2% Telecom and infrastructure 12,321 10,565 16.6% 35,314 30,683 15.1% Digital 3,391 1,864 81.9% 9,565 4,323 121.3% Digital as a % of Total rev (%) 21.6% 15.0% 6.6p.p. 21.3% 12.3% 9.0p.p. Total EBITDA, of which: 8,482 7,115 19.2% 24,374 19,968 22.1% Telecom and infrastructure 7,100 6,380 11.3% 20,374 18,110 12.5% Digital 1,381 735 88.0% 4,000 1,858 115.2% EBITDA margin (%) 54.0% 57.2% (3.3p.p.) 54.3% 57.0% (2.7p.p.) Telecom and infrastructure 57.6% 60.4% (2.8p.p.) 57.7% 59.0% (1.3p.p.) Digital 40.7% 39.4% 1.3p.p. 41.8% 43.0% (1.2p.p.) EBIT 5,667 (1,756) n.m 16,718 7,357 127.2% EBIT margin (%) 36.1% (14.1%) n.m 37.3% 21.0% 16.2p.p. Total Capex, of which 3,229 4,254 (24.1%) 9,246 10,608 (12.8%) Telecom and infrastructure 3,061 4,163 (26.5%) 8,775 10,371 (15.4%) Digital 168 91 84.2% 470 237 98.4% LTM Total Capex Intensity 25.9% 32.7% (6.9p.p.) 25.9% 32.7% (6.9p.p.) Note: Revenue from enterprise identity and credential management services is reported within the Digital Enterprise vertical starting from the beginning of 2026, with 3Q26 revenue at UAH 388 million and 9M26 revenue at UAH 1.2 billion. Prior periods have been reclassified accordingly (3Q25: UAH 400 million; 9M25: UAH 1.3 billion). Telecommunications Metrics 3Q26 3Q25 YoY 2Q26 1Q26 4Q25 Mobile customers (mn) 21.7 22.5 (3.4%) 21.8 22.0 22.4 4G customers (mn) 15.5 15.0 3.7% 15.3 15.3 15.4 Multiplay customers (mn) 8.1 6.6 23.2% 8.1 8.1 7.3 Mobile ARPU (LCY) 178.9 153.1 16.9% 172.7 166.5 161.1 Data usage (GB/user) 15.5 13.0 20.0% 14.9 14.9 14.7 Fixed-line customers (mn) 1.3 1.2 11.3% 1.3 1.3 1.2 Fixed ARPU (LCY) 144.0 122.9 17.1% 140.4 133.4 127.8 Digital Metrics millions 3Q26 2Q26 1Q26 4Q25 Total Digital customers1 29.5 29.3 28.4 20.8 Includes: My Kyivstar 8.9 9.2 8.7 7.8 Helsi 5.2 5.0 4.9 4.8 Kyivstar TV 3.5 3.6 3.4 3.1 Tabletki 6.6 6.3 6.3 - Uklon 5.4 5.2 5.1 5.1 Rides 42.8 43.0 43.7 43.6 Deliveries 1.5 1.4 1.5 1.3 1. Digital customers refer to active users in 3Q26. Total revenue increased 26.4% YoY in local currency to UAH 15,713 million in 3Q26, driven by growth across telecommunications and digital services. Performance reflected mobile price monetisation, higher data usage, enterprise growth and a larger contribution from Uklon and Tabletki. UKRAINE Strong growth powered by digital expansion
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 31 Telecommunications and infrastructure revenue increased 16.6% YoY to UAH 12,321 million, supported by tariff optimization, repricing, higher mobile data consumption, B2B growth and contributions from Kyivstar’s renewable energy assets. Digital revenue increased 81.9% YoY to UAH 3,391 million, reflecting the consolidation of Uklon and Tabletki and growth across other digital platforms. Digital services represented 21.6% of total revenue, compared with 15.0% in 3Q25. EBITDA for the quarter increased 19.2% YoY in local currency to UAH 8,482 million, with the EBITDA margin declining 3.3 percentage points to 54.0%. Revenue growth and operating leverage were partly offset by higher electricity, personnel, digital operating and network support costs. Telecommunications and infrastructure EBITDA for the quarter increased 11.3% YoY to UAH 7,100 million, with EBITDA margin decreasing from 60.4% for 3Q25 to 57.6% for 3Q26. Digital EBITDA increased 88.0% YoY to UAH 1,381 million, with the margin rising to 40.7% from 39.4%. In 9M26, total revenue increased 28.2% YoY to UAH 44,880 million, while EBITDA rose 22.1% YoY to UAH 24,374 million and the EBITDA margin declined by 2.7 percentage points to 54.3%. Kyivstar continued to advance its DO1440 and AI1440 strategy. Mobile subscribers declined 3.4% YoY to 21.7 million, while mobile ARPU increased 16.9% YoY to UAH 178.9. Data usage increased 20.0% YoY to 15.5 GB per user, while the 4G user base reached 15.5 million, with penetration at 71.5%. Multiplay customers grew 23.2% YoY to 8.1 million and represented 40.3% of the one month mobile customer base. These customers generate approximately 3.6 times the ARPU of voice-only users and remain an important source of growth through the combined use of voice, data and digital services. Uklon reached 5.4 million users in 3Q26 and continued to expand beyond ride-hailing into delivery and adjacent services. The platform generated revenue of UAH 1,497 million and EBITDA of UAH 455 million, completing 42.8 million rides and 1.5 million deliveries. Expansion initiatives include electric scooters, autonomous vehicle testing and marketplace development Helsi recorded 5.2 million users in 3Q26, compared with 4.9 million in 3Q25, while continuing to expand medical appointments, subscriptions, digital consultations and telemedicine. Tabletki reached 6.6 million users, up from 6.3 million users in 2Q26, with revenue of UAH 361 million and EBITDA of UAH 271 million. Kyivstar TV recorded 3.5 million users, up 32.3% YoY. Total capex decreased 24.1% YoY to UAH 3,229 million in 3Q26, reflecting the timing of network and infrastructure investment. Spending remained focused on network modernisation, energy resilience, digital platforms and service quality. LTM capex intensity declined to 25.9% from 32.7%. Kyivstar continues to advance its Starlink Direct-to-Cell collaboration. 8 million Kyivstar customers have now used the direct-to-cell (D2C) service, which has expanded beyond messaging to incorporate data with select apps even when there is no terrestrial signal, starting with Google Maps, Viber and WhatsApp. In July 2026, Kyivstar opened its New York office at Rockefeller Center, strengthening its US Capital markets presence and international investor engagement following its Nasdaq listing in August 2025. On October 27, 2026, Kyivstar announced the acquisition of GigaCloud, a leading Ukrainian cloud infrastructure provider, for up to USD 50 million, advancing its digital enterprise cloud proposition, digital ecosystem and AI strategy. Founded in 2016, GigaCloud serves more than 1,800 enterprise customers. Based on unaudited management accounts, the company generated approximately USD 14 million in revenue and USD 4.7 million in EBITDA in 2025, representing an EBITDA margin of approximately 34%. The transaction is expected to be immediately accretive to Kyivstar’s earnings and cash flow.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 32 Financial Metrics KZT million 3Q26 3Q25 YoY 9M26 9M25 YoY Total revenue, of which: 106,471 113,969 (6.6%) 319,451 313,162 2.0% Telecom and infrastructure 87,338 95,394 (8.4%) 260,757 261,946 (0.5%) Digital 19,133 18,576 3.0% 58,693 51,216 14.6% Digital as a % of Total rev (%) 18.0% 16.3% 1.7p.p. 18.4% 16.4% 2.0p.p. Total EBITDA, of which: 43,245 61,416 (29.6%) 130,833 161,324 (18.9%) Telecom and infrastructure 35,497 51,372 (30.9%) 109,252 135,610 (19.4%) Digital 7,748 10,044 (22.9%) 21,582 25,714 (16.1%) EBITDA margin (%) 40.6% 53.9% (13.3p.p.) 41.0% 51.5% (10.6p.p.) Telecom and infrastructure 40.6% 53.9% (13.2p.p.) 41.9% 51.8% (9.9p.p.) Digital 40.5% 54.1% (13.6p.p.) 36.8% 50.2% (13.4p.p.) EBIT 39,264 45,770 (14.2%) 92,189 111,025 (17.0%) EBIT margin (%) 36.9% 40.2% (3.3p.p.) 28.9% 35.5% (6.6p.p.) Total Capex, of which: 21,664 30,629 (29.3%) 43,888 65,347 (32.8%) Telecom and infrastructure 18,230 27,217 (33.0%) 37,380 59,226 (36.9%) Digital 3,434 3,413 0.6% 6,508 6,121 6.3% LTM Total Capex Intensity 19.3% 24.9% (5.6p.p.) 19.3% 24.9% (5.6p.p.) Note: Revenue from enterprise identity and credential management services is reported within the Digital Enterprise vertical starting from the beginning of 2026, with 3Q26 at KZT 3.3 billion and 9M26 at KZT 9.8 billion. Prior periods have been reclassified accordingly (3Q25: KZT 3.9 billion; 9M25: KZT 11.7 billion) Telecommunications Metrics 3Q26 3Q25 YoY 2Q26 1Q26 4Q25 Mobile customers (mn) 11.8 11.9 (0.4%) 11.7 11.7 11.8 4G customers (mn) 9.7 9.1 6.4% 8.7 8.7 9.0 Multiplay customers (mn) 4.3 4.2 1.7% 4.2 4.2 4.3 Mobile ARPU (LCY) 1,847 2,065 (10.6%) 1,865 1,915 1,947 Data usage (GB/user) 20.5 21.4 (4.1%) 22.9 22.9 22.3 Fixed-line customers (mn) 0.83 0.77 8.6% 0.81 0.80 0.79 Fixed ARPU (LCY) 3,621 3,412 6.1% 3,738 3,381 3,556 Digital Metrics millions 3Q26 2Q26 1Q26 4Q25 Total Digital customers1 19.2 19.9 20.9 21.3 Includes: Janymda 6.0 6.1 6.4 6.5 Simply 5.0 5.3 5.2 5.3 BeeTV 2.0 2.4 2.1 1.6 IZI 1.8 1.7 1.8 1.6 1. Digital customers refer to active users in 3Q26. Total revenue declined 6.6% YoY to KZT 106,471 million in 3Q26. Whilst the increase in Kazakhstan’s standard VAT rate from 12% to 16% from January 2026 continued to reduce net recognized revenue, the YoY performance also reflects continued pressure on mobile service revenue from softer bundle revenues, a lower-than-expected benefit from pricing actions and a focus on retaining the active subscriber base. Growth in fixed services and digital revenue provided a partial offset. KAZAKHSTAN Focused on recovering momentum
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 33 Telecommunications and infrastructure revenue declined 8.4% YoY to KZT 87,338 million. Mobile performance remained under pressure, with ARPU declining 10.6% YoY to KZT 1,847 (though stable quarter-on-quarter) and the mobile customer base was broadly stable at 11.8 million. Fixed service revenues continued to grow, supported by higher customers and ARPU. Digital revenue increased 3.0% YoY to KZT 19,133 million and represented 18.0% of total revenue, compared with 16.3% in 3Q25. Growth across Beeline Kazakhstan’s digital ecosystem partly offset pressure in the core telecommunications business. Whilst 3Q26 EBITDA declined 29.6% YoY to KZT 43,245 million, it rose 2.1% on a quarter-on-quarter basis, reflecting targeted revenue and cost initiatives to regain business and earnings momentum. The YoY EBITDA margin comparison was significantly affected by a high base in 3Q25, when EBITDA benefited from the recognition of regulatory tax benefits. Profitability was also affected by weaker mobile revenue and the continued impact of the higher VAT rate on net recognized revenue. For 9M26, total revenue increased 2.0% YoY to KZT 319,451 million, while EBITDA declined 18.9% YoY to KZT 130,833 million and the EBITDA margin declined by 10.6 percentage points to 41.0%. As outlined above, the YoY comparison was also impacted by the recognition of regulatory tax benefits in 3Q25. Beeline Kazakhstan continued to advance its DO1440 and AI1440 strategy. The mobile customer base remained broadly stable at 11.8 million, while the 4G customer base increased 6.4% YoY to 9.7 million. Mobile data usage was 20.5 GB per user and Multiplay customers grew 1.7% YoY to 4.3 million and represented 39.7% of the one month mobile customer base. These customers generate much higher ARPUs relative to voice-only users and remain an important source of growth through the combined use of voice, data and digital services. Total digital customers reached 19.2 million in 3Q26. Janymda recorded 6.0 million users, BeeTV reached 2.0 million users and IZI reached 1.8 million users. Total capex decreased 29.3% YoY to KZT 21,664 million in 3Q26, reflecting a focus on prioritizing investment into immediate return generating projects. LTM capex intensity was 19.3%. Beeline Kazakhstan launched its Direct-to-Cell service with Starlink in September 2026, extending mobile connectivity into areas without terrestrial coverage. The service enables customers to access messaging and satellite-ready applications directly from compatible smartphones, without requiring additional equipment; and has already attracted 2.6 million customers since service launch. Subsequent to quarter-end, VEON announced a 10-year strategic agreement with Amdocs to run and continuously modernize its core technology operations across Eurasia. Amdocs will also integrate certain QazCode intellectual property into Amdocs as its agentic operating system for telecommunications. The agreement accelerates VEON’s digital operator strategy and brings long-term cost predictability to IT. VEON Digital Financial Group and Beeline Kazakhstan signed a Memorandum of Cooperation with the National Bank of Kazakhstan to explore digital payment services in the country. The memorandum sets an initial five-year framework to explore connecting VEON’s digital services with Kazakhstan’s national payment infrastructure, making payments and money transfers simpler and more accessible within the services customers already use. Potential areas of cooperation include payment and transfer processing, and settlement between financial market participants, using selected National Payment Corporation services and infrastructure.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 34 Financial Metrics BDT million 3Q26 3Q25 YoY 9M26 9M25 YoY Total revenue, of which: 14,466 14,197 1.9% 43,428 41,918 3.6% Telecom and infrastructure 12,587 12,629 (0.3%) 37,803 39,575 (4.5%) Digital 1,879 1,569 19.8% 5,625 2,343 140.1% Digital as a % of Total rev (%) 13.0% 11.0% 1.9p.p. 13.0% 5.6% 7.4p.p. Total EBITDA, of which: 6,012 5,970 0.7% 17,740 21,287 (16.7%) Telecom and infrastructure 5,458 5,302 2.9% 16,079 20,918 (23.1%) Digital 554 668 (17.1%) 1,661 368 350.7% EBITDA margin (%) 41.6% 42.1% (0.5p.p.) 40.8% 50.8% (9.9p.p.) Telecom and infrastructure 43.4% 42.0% 1.4p.p. 42.5% 52.9% (10.3p.p.) Digital 29.5% 42.6% (13.1p.p.) 29.5% 15.7% 13.8p.p. EBIT 1,084 323 235.9% 2,943 4,345 (32.3%) EBIT margin (%) 7.5% 2.3% 5.2p.p. 6.8% 10.4% (3.6p.p.) Total Capex, of which: 2,590 845 206.6% 5,363 2,365 126.7% Telecom and infrastructure 2,504 794 215.5% 5,058 2,308 119.2% Digital 86 51 68.0% 304 57 430.7% LTM Total Capex Intensity 13.3% 7.8% 5.5p.p. 13.3% 7.8% 5.5p.p. Note: Revenue from enterprise identity and credential management services is reported within the Digital Enterprise vertical starting from the beginning of 2026, with 3Q26 at BDT 284 million and 9M26 at BDT 869 million. Prior periods have been reclassified accordingly (3Q25: BDT 311 million; 9M25: BDT 546 million) Telecommunications Metrics 3Q26 3Q25 YoY 2Q26 1Q26 4Q25 Mobile customers (mn) 34.9 34.7 0.8% 35.0 34.4 34.4 4G customers (mn) 19.0 18.7 1.3% 19.2 18.7 18.4 Multiplay customers (mn) 5.9 6.1 (3.5%) 6.7 6.3 5.9 Mobile ARPU (LCY) 114.7 119.4 (3.9%) 120.2 118.5 118.3 Data usage (GB/user) 7.7 7.8 (1.4%) 8.1 7.5 7.3 Digital Metrics millions 3Q26 2Q26 1Q26 4Q25 Total Digital customers1 27.7 32.1 21.0 26.4 Includes: MyBL 10.4 10.7 10.9 11.4 Toffee 16.3 20.6 9.5 14.6 Ryze 1.0 0.8 0.6 0.4 1. Digital customers refer to active users in 3Q26 BANGLADESH Sound Progress on many Strategic Initiatives
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 35 Total revenue increased 1.9% YoY to BDT 14,466 million in 3Q26, reflecting a fourth consecutive quarter of YoY growth following five consecutive quarters of decline. This was supported by continued growth in digital services and broadly stable telecommunications and infrastructure revenue. Pricing and customer monetisation initiatives supported the core business even as consumer spending and voice usage remained under pressure. Telecommunications and infrastructure revenue registered a marginal decline of 0.3% YoY to BDT 12,587 million. Revenues were supported by pricing, bundle optimization, higher-quality customer acquisition and B2B services, partly offset by lower voice consumption. Digital revenue increased 19.8% YoY to BDT 1,879 million and represented 13.0% of total revenue, compared with 11.0% in 3Q25. Growth continued across Toffee, RYZE and Banglalink’s broader digital portfolios. EBITDA increased 0.7% YoY to BDT 6,012 million, with the EBITDA margin at 41.6% compared with 42.1% in 3Q25. Broadly stable core revenues and continued cost discipline supported profitability. The YoY decline in digital EBITDA and EBITDA margin for 3Q26 primarily reflect timing issues on certain content cost recognition in 3Q26. The YoY improvement in 9M26 margin reflects the revised allocation principles that went effective in 2026. In 9M26, total revenue increased 3.6% YoY to BDT 43,428 million, while EBITDA declined 16.7% YoY to BDT 17,740 million and the EBITDA margin declined by 9.9 percentage points to 40.8%. The YoY comparison was significantly affected by approximately BDT 5.4 billion of one-off reversals recorded in 2Q25 relating to BTRC revenue-sharing charges and minimum tax. Excluding this one-off reversal, 9M26 EBITDA increased by 7.5% YoY and underlying EBITDA margin expanded by 1.5p.p. Banglalink continued to advance its DO1440 and AI1440 strategy. Mobile customers stood at 34.9 million, while 4G customers increased 1.3% YoY to 19.0 million. Data usage was 7.7 GB per user. Multiplay customers, at 5.9 million represented 42% of the consumer revenue. These customers generate approximately 2.4 times the ARPU of voice- only users and remain an important source of growth through the combined use of voice, data and digital services. Total digital customers increased by 17.4% YoY to 27.7 million. Toffee reached 16.3 million users, MyBL recorded 10.4 million users and RYZE reached 1.0 million users. Total capex, at BDT 2,590 million in 3Q26, reflects the timing and reprioritization of network and infrastructure investment. LTM capex intensity was 13.3%. Banglalink made good progress on a number of strategic initiatives: • Satellite-to-mobile service powered by Starlink was launched in October, making Bangladesh the first country in South Asia to introduce the service. The service already has more than 2 million users - customers can now access essential apps and location services even when they are beyond the reach of conventional mobile networks. • Mukto Pay launched services in November, following receipt of its payment service provider (PSP) license earlier in the year. Mukto Pay supports person-to-person transfers, remittances, bill payments and merchant transactions, providing the foundation for a broader financial services proposition. • A significant milestone was approval for a Digital Bank license from Bangladesh Bank, the central bank of Bangladesh. The license marks VEON's entry into full-scale digital banking in Bangladesh and will build on the PSP license. VEON holds a 71% stake in the joint venture that was awarded the license; the Square Group (one of Bangladesh's leading business conglomerates) holds the remaining 29% stake. VEON expects the new digital bank to integrate closely with Banglalink's mobile ecosystem, extending accessible, end-to-end financial tools to mobile users across the country.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 36 Financial Metrics UZS million 3Q26 3Q25 YoY 9M26 9M25 YoY Total revenue, of which: 1,022,871 967,869 5.7% 3,032,750 2,864,818 5.9% Telecom and infrastructure 858,461 822,901 4.3% 2,549,520 2,462,396 3.5% Digital 164,410 144,968 13.4% 483,230 402,423 20.1% Digital as a % of Total rev (%) 16.1% 15.0% 1.1p.p. 15.9% 14.0% 1.9p.p. Total EBITDA, of which: 365,465 333,918 9.4% 1,098,912 1,052,840 4.4% Telecom and infrastructure 341,789 319,918 6.8% 982,336 961,195 2.2% Digital 23,676 14,001 69.1% 116,576 91,645 27.2% EBITDA margin (%) 35.7% 34.5% 1.2p.p. 36.2% 36.8% (0.5p.p.) Telecom and infrastructure 39.8% 38.9% 0.9p.p. 38.5% 39.0% (0.5p.p.) Digital 14.4% 9.7% 4.7p.p. 24.1% 22.8% 1.4p.p. EBIT 193,108 143,964 34.1% 612,788 496,071 23.5% EBIT margin (%) 18.9% 14.9% 4.0p.p. 20.2% 17.3% 2.9p.p. Total Capex, of which: 103,170 138,868 (25.7%) 400,097 620,162 (35.5%) Telecom and infrastructure 98,106 135,236 (27.5%) 379,717 608,024 (37.5%) Digital 5,065 3,632 39.5% 20,380 12,138 67.9% LTM Total Capex Intensity 19.5% 33.6% (14.1p.p.) 19.5% 33.6% (14.1p.p.) Note: Revenue from enterprise identity and credential management services is reported within the Digital Enterprise vertical starting from the beginning of 2026, with 3Q26 at UZS 34.9 billion and 9M26 at UZS 83.6 billion. Prior periods have been reclassified accordingly (3Q25: UZS 29.4 billion; 9M25: UZS 91.5 billion) Telecommunications Metrics 3Q26 3Q25 YoY 2Q26 1Q26 4Q25 Mobile customers (mn) 7.4 7.7 (3.9%) 7.7 7.6 7.7 4G customers (mn) 5.4 5.8 (7.1%) 5.6 5.9 5.9 Multiplay customers (mn) 3.2 3.7 (13.1%) 3.4 3.5 3.8 Mobile ARPU (LCY) 35,139 34,088 3.1% 35,272 35,386 35,274 Data usage (GB/user) 22.6 17.8 26.6% 20.1 23.1 20.5 Digital Metrics millions 3Q26 2Q26 1Q26 4Q25 Total Digital customers1,2 10.9 10.9 11.9 12.3 Includes: Hambi 4.9 5.1 5.4 5.4 Beepul2 0.8 1.0 1.0 1.0 Kinom 2.9 2.4 2.0 2.7 OQ 0.8 0.8 0.9 0.8 1. Digital customers refer to active users in 3Q26; 2. Reflects adjustments to reflect revisions in customer recognition and reporting UZBEKISTAN Resilient quarter, Perfectum strengthens competitive position. Digital growth drives continued progress
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 37 Total revenue increased 5.7% YoY to UZS 1,023 billion in 3Q26, supported by pricing actions, higher mobile financial services revenue, bundled device contracts, network infrastructure income and roaming revenue. Growth was partly offset by a lower active subscriber base. Telecommunications and infrastructure revenue increased 4.3% YoY to UZS 858,461 million, supported by higher ARPU, family tariff bundles and growth in network infrastructure and roaming revenue, partly offset by the lower active subscriber base. Digital revenue increased 13.4% YoY to UZS 164,410 million and represented 16.1% of total revenue, compared with 15.0% in 3Q25. Growth was led by mobile financial services and continued expansion across Beeline Uzbekistan’s digital platforms. EBITDA increased 9.4% YoY to UZS 365,465 million, while the EBITDA margin increased by 1.2 percentage points to 35.7%. Higher service delivery, distribution and utility costs were partly offset by revenue growth and lower overheads. In 9M26, total revenue increased 5.9% YoY to UZS 3,032,750 million, while EBITDA rose 4.4% YoY to UZS 1,098,912 million and the EBITDA margin was broadly stable at 36.2%. Beeline Uzbekistan continued to advance its DO1440 and AI1440 strategy. Despite decline in the overall subscriber base, its composition is changing significantly. High-value customers (including high ARPU customers and those on family plans) now represent over 40% of our customer base and have more than doubled year-on-year. The business is building a stronger core customer base that is more engaged, uses services more actively and generates higher value. At the same time, low-value customers who used services only occasionally or were largely inactive continue to leave the base. Annualized churn has declined significantly, reflecting improvements in both customer acquisition quality and the overall composition of our base. Total digital customers reached 10.9 million in 3Q26. Hambi recorded 4.9 million users, Kinom reached 2.9 million users and OQ reached 0.8 million users. Beeline Uzbekistan’s Multiplay customers declined 13.1% YoY to 3.2 million and represented 46.9% of the one month mobile customer base. These customers generate approximately 1.7 times the ARPU of voice-only users and remain an important source of growth through the combined use of voice, data and digital services. Total capex decreased 25.7% YoY to UZS 103,170 million in 3Q26, mainly reflecting the timing of network and infrastructure investment. LTM capex intensity was 19.5%. AdTech continued to develop its advertising and data capabilities, with a focus on expanding advertising inventory, growing its external customer base and developing AI-enabled advertising tools. On October 19 2026, VEON announced that it has agreed to acquire 100% of Rubicon Wireless, the mobile network operator trading under the “Perfectum” brand, a mobile network operator in Uzbekistan. Under the terms of the agreement, the total consideration is approximately USD 207 million inclusive of the assumed Perfectum's outstanding financial debt of approximately USD 93 million. Perfectum’s assets include 115 MHz of spectrum across the 850 MHz and 3,800 MHz bands, together with modern network equipment and infrastructure assets, including a 5G standalone network deployed using Nokia equipment. The transaction is expected to increase Beeline Uzbekistan’s spectrum holdings by approximately 50%, providing additional resources to enhance network coverage and capacity and support its roadmap for 5G and fixed wireless access services.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 38 KEY RECENT DEVELOPMENTS VEON to Acquire Controlling Interest in Jungo TV and All Women’s Sports Network to Accelerate Digital Entertainment Growth On November 06, 2026, VEON announced an agreement to acquire a 33.75% equity stake, with control rights, in JungoTV Holdco, Inc., the newly formed holding company of Jungo TV, a U.S. media company headquartered in Los Angeles. The investment will strengthen VEON’s digital entertainment business by combining Jungo TV’s content portfolio and international distribution with VEON’s digital platforms, customer relationships and local market expertise. It will support the expansion of entertainment and sports programming across VEON’s operating markets while creating opportunities to grow digital revenues internationally, including in the United States VEON’s Banglalink Launches Mukto Pay, Expanding Digital Financial Services in Bangladesh On November 04, 2026, VEON announced the commercial launch of Mukto Pay, a digital payments platform powered by its Bangladesh operating company, Banglalink. The launch follows the Payment Service Provider (PSP) licence Banglalink received from Bangladesh Bank, the central bank of Bangladesh, in August 2026, and brings VEON’s digital financial services experience to Bangladesh, deepening its investment in the country’s digital economy. VEON’s Kyivstar Acquires GigaCloud, Expanding Cloud Services On October 29, 2026, VEON announced that its Ukrainian digital operator Kyivstar (Nasdaq: KYIV; KYIVW) (the “Company” or “Kyivstar”) is to acquire GigaCloud, one of Ukraine’s leading cloud infrastructure providers. Valued at up to USD 50 million, the acquisition will expand the secure, resilient digital infrastructure that Ukrainian businesses and public institutions need to operate, innovate and grow. It also accelerates VEON’s strategy to build cloud services for enterprise customers and reinforces Kyivstar’s long-term commitment to Ukraine’s digital economy. VEON Advances Buyback Program, Cancels Shares On October 20, 2026, VEON confirmed the cancellation of approximately 1.5% of its total issued shares. Today’s cancellation of 26,951,230 common shares (equivalent to 1,078,049 ADSs) is pursuant to VEON’s ongoing share buyback program announced on September 23, 2026 to buy back and cancel 3.9% of VEON’s outstanding shares. Starlink Mobile Connects 11 Million People Across VEON’s Markets On October 19, 2026, VEON announced that more than 11 million unique VEON customers have now connected to the direct-to-device service at least once in locations where cell signal cannot reach. VEON customers can use satellite-ready apps, share location, and send messages via apps and SMS on their existing LTE compatible phones. VEON is the first operator group globally to launch Starlink Mobile across three markets. VEON Accelerates Telecom Market Consolidation in Uzbekistan On October 19, 2026, VEON announced that it has agreed to acquire 100% of Rubicon Wireless, the mobile network operator trading under the “Perfectum” brand, a mobile network operator in Uzbekistan. The acquisition will bring complementary spectrum and network assets into VEON’s operations in Uzbekistan, strengthening Beeline Uzbekistan’s ability to deliver better connectivity, expand broadband access and support the country’s growing demand for digital services, financial services and sovereign augmented intelligence further contributing to the strong economic growth and ongoing modernization of the Uzbekistan’s economy. Under the terms of the agreement, the total consideration is approximately USD 207 million inclusive of the assumed Perfectum's outstanding financial debt of approximately USD 93 million.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 39 VEON Brings Starlink’s Service to South Asia with Banglalink launch On October 9, 2026, VEON announced that Banglalink, its operator in Bangladesh, has launched a satellite-to- mobile service powered by Starlink, the world’s largest direct-to-device satellite network, making Bangladesh the first country in South Asia to introduce the service. Customers can now access essential apps and location services even when they are beyond the reach of conventional mobile networks. The service is designed to keep customers connected during emergencies, natural disasters and prolonged power outages, when conventional networks may be disrupted. A 4G phone and a Banglalink sim is needed to access the service. Customers can access the service through MyBL, Banglalink's super app, and it will soon also be available on the RYZE app, Banglalink's AI-powered, youth-focused, sub-brand. VEON and Amdocs Enter 10-Year Strategic Agreement On October 7, 2026, VEON announced a 10-year strategic agreement with Amdocs to modernize its core technology operations and accelerate its digital operator strategy. Under the agreement, Amdocs will manage and continuously modernize VEON's core technology operations in Eurasia, leveraging QazCode's technology expertise and intellectual property alongside Amdocs' AI-powered agentic operating system, aOS. The agreement aims to strengthen operational efficiency, support the development of digital and AI services and provide greater long- term cost predictability. Beeline Kazakhstan Launches Starlink Satellite-to-Mobile Service On September 29, 2026, VEON announced that Beeline Kazakhstan had become the first operator in the country to launch Starlink's satellite-to-mobile service. The service enables customers to access messaging and applications directly from compatible smartphones in areas without terrestrial mobile coverage, without requiring additional equipment. Initially offered free of charge, the service can be activated and managed through Beeline Kazakhstan's Janymda super app, extending connectivity to remote areas and supporting communications during emergencies and natural disasters. VEON and Banglalink Advance “Invest in Bangladesh NOW!” Initiative On September 28, 2026, VEON announced that it had hosted the inaugural investor symposium for its “Invest in Bangladesh NOW!” initiative in New York, alongside the United Nations General Assembly. The event brought together international investors, development finance institutions and government representatives to discuss investment opportunities in Bangladesh's digital economy. The initiative targets USD 1 billion in foreign direct investment, anchored by VEON's initial USD 250 million commitment, with a focus on connectivity, digital infrastructure, digital financial services and AI. VEON and Square Group Receive Approval for Digital Bank License in Bangladesh On September 25, 2026, VEON announced that a joint venture between VEON Digital Financial Group and Square Group had received approval for a Digital Bank license from Bangladesh Bank. The approval represents an important step in VEON's expansion into digital banking in Bangladesh, building on Banglalink's existing Payment Service Provider license for Mukto Pay. The initiative supports VEON's broader digital financial services strategy and its “Invest in Bangladesh NOW!” investment framework. VEON Increases Share Buyback Program to Approximately USD 200 Million On September 23, 2026, VEON announced a new share buyback program covering 3.9% of its outstanding shares, equivalent to approximately 2.9 million ADSs, or USD 200 million based on the September 22 closing ADS price of USD 69.37. The program comprises open-market repurchases and proportionate shareholder participation, with all acquired shares to be cancelled. The new program follows completion of the previous USD 100 million buyback and increases VEON's capital return commitment, reinforcing its focus on disciplined capital allocation and long-term shareholder value creation.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 40 VEON and Beeline Kazakhstan Sign Payments Cooperation Agreement with National Bank On June 26, 2026, VEON announced that Kyivstar signed an MoU with Ukraine’s National Securities and Stock Market Commission to explore mechanisms through which investors in Ukraine could access Kyivstar’s existing Nasdaq- listed shares. The parties will assess the regulatory, legal and operational requirements for providing access through established brokerage channels in compliance with Ukrainian and U.S. securities laws. Banglalink Receives Payment Service Provider License for Mukto Pay On August 12, 2026, VEON announced that Banglalink had received a Payment Service Provider license from Bangladesh Bank, enabling its planned entry into the country's digital payments market through Mukto Pay. The wholly owned Banglalink service is designed to support money transfers, merchant and e-commerce payments, utility and government bill payments, and other approved transactions. The announcement marked a further step in VEON's digital financial services expansion in Bangladesh, with commercial launch initially targeted for September 2026, subject to remaining regulatory and technical requirements.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 41 z ATTACHMENTS Contents of the Attachments ATTACHMENT A Operational performance drivers 42 ATTACHMENT B Reconciliation tables 43 ATTACHMENT C Debt management and liquidity overview. 47 ATTACHMENT D Rates of functional currencies to USD 49 ATTACHMENT E Definitions 50
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 42 ATTACHMENT A: Operational Performance Drivers Telecommunications Customers: Mobile subscribers (millions) Fixed-line subscribers (millions) Satellite (millions) 3Q26 3Q25 YoY 3Q26 3Q25 YoY 3Q26 3Q25 YoY Pakistan 76.4 72.7 5.1% Ukraine 21.7 22.5 (3.4%) 1.32 1.19 11.3% 8.0 n.a n.m Kazakhstan 11.8 11.9 (0.4%) 0.83 0.77 8.6% Bangladesh 34.9 34.7 0.8% Uzbekistan 7.4 7.7 (3.9%) Total 152.3 149.5 1.9% 2.16 1.96 10.2% 8.0 n.a n.m Digital Customers (Users Active During Quarter): Millions 3Q26 2Q26 1Q26 4Q25 Pakistan JazzCash 30.4 29.5 29.2 27.0 Tamasha 33.9 38.7 48.9 33.7 ROX 3.3 3.3 3.5 3.1 Simosa 36.3 33.8 34.0 29.5 FikrFree1 16.8 17.9 18.0 17.7 Ukraine Helsi 5.2 5.0 4.9 4.8 Kyivstar TV 3.5 3.6 3.4 3.1 Uklon 5.4 5.2 5.1 5.1 Tabletki 6.6 6.3 6.3 - MyKyivstar 8.9 9.2 8.7 7.8 Kazakhstan Simply 5.0 5.3 5.2 5.3 BeeTV 2.0 2.4 2.1 1.6 IZI 1.8 1.7 1.8 1.6 Janymda 6.0 6.1 6.4 6.5 Bangladesh Toffee 16.3 20.6 9.5 14.6 RYZE 1.0 0.8 0.6 0.4 MyBL 10.4 10.7 10.9 11.4 Uzbekistan BeePul2 0.8 1.0 1.0 1.0 KINOM 2.9 2.4 2.0 2.7 Hambi 4.9 5.1 5.4 5.4 OQ 0.8 0.8 0.9 0.8 Others 19.0 19.0 17.1 19.8 Total 221.1 228.2 224.9 202.9 1. Represents the numbers of unique policy holders in the quarter. Prior periods come with minor adjustments to reflect refinements in data collection and reporting. 2. Reflects adjustments related to revised customer recognition and reporting methodology
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 43 ATTACHMENT B: Reconciliation Tables Reconciliation of Consolidated Profit for the period to EBITDA, EBITDAaL and Free Cash Flow and Cash and Cash Equivalents USD million 3Q26 3Q25 9M26 9M25 Profit / (loss) for the period 225 (127) 488 599 Listing expense - 162 - 162 Depreciation, amortization and impairment loss 175 157 503 465 Depreciation of right of use-asset (A) 59 51 168 140 Impairment on right of use-asset (B) (2) - - - Gain on disposal of non-current assets (31) (1) (36) (1) (Gain) / loss on disposal of subsidiaries, net (30) 97 (49) (400) Finance costs 108 82 294 248 Financial cost from lease liability (C) 67 63 197 143 Finance income (20) (14) (68) (34) Other non-operating (gain) / loss, net (29) 4 (13) (27) Net foreign exchange (gain) / loss (25) 7 (38) 58 Income taxes 80 44 200 130 EBITDA (D) 577 524 1,645 1,483 Changes in working capital (15) (87) 66 (109) Changes in provisions, pensions and other 16 32 61 80 Interest paid (81) (75) (287) (266) Interest received 19 9 47 28 Income taxes paid (67) (79) (223) (323) Net cash flows from operating activities 450 323 1,310 892 Interest expense - banking services (14) (10) (35) (26) Cash capex (excluding license payments) (208) (194) (673) (602) Proceeds from full & partial sale of sub. & other non-current assets 61 230 356 514 Lease liabilities payments - principal (75) (70) (215) (175) Licenses payments (63) (57) (75) (73) Decrease / (increase) in customer banking deposits and loans, net 50 80 (146) (9) Free Cash Flows1 201 303 520 520 Increase / (decrease) in customer banking deposits / loans (50) (80) 146 9 Net cash flows from reverse-repo lending (6) 9 (76) (40) Acquisition of a subsidiary, net of cash acquired (5) (9) (241) (151) Share repurchases (64) (25) (126) (93) Movement in borrowings (262) 173 167 (319) ADG resolution - - (120) - Others 26 10 31 48 Net increase / (decrease) in cash and cash equivalents (160) 381 301 (26) Cash and cash equivalents at the beginning of the period 2,193 1,282 1,732 1,689 Net increase / (decrease) in cash and cash equivalents (160) 381 301 (26) Cash and cash equivalents at the end of the period 2,033 1,663 2,033 1,663 EBITDAaL [D-(A+B+C)] 453 410 1,280 1,199 1. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 44 Reconciliation of CAPEX USD million 3Q26 3Q25 9M26 9M25 CAPEX (excl. license and RoU) 225 223 562 589 Difference in timing b/w accrual and payment for capex 46 28 186 86 Cash capex (incl. license payments)1 271 251 748 675 Purchase of property plant and equipment 178 166 571 523 Purchase of intangible assets 93 85 178 152 Reconciliation of Local Currency and Reported YoY Growth Rates 3Q26 & 9M26 Revenue 3Q26 9M26 LCY FX Impact Reported LCY FX Impact Reported Pakistan 26.6% 2.3% 28.9% 24.2% 1.2% 25.4% Ukraine 26.4% (9.0%) 17.4% 28.2% (7.3%) 21.0% Kazakhstan (6.6%) 15.0% 8.5% 2.0% 9.1% 11.1% Bangladesh 1.9% (1.2%) 0.7% 3.6% (1.0%) 2.6% Uzbekistan 5.7% 5.3% 11.0% 5.9% 6.4% 12.2% Total 15.7% 1.5% 17.2% 16.5% 0.6% 17.1% EBITDA 3Q26 9M26 LCY FX Impact Reported LCY FX Impact Reported Pakistan 23.9% 2.3% 26.2% 27.7% (2.4%) 25.4% Ukraine 19.2% (8.5%) 10.7% 22.1% (6.9%) 15.1% Kazakhstan (29.6%) 11.2% (18.4%) (18.9%) 7.4% (11.5%) Bangladesh 0.7% (1.2%) (0.5%) (16.7%) (0.8%) (17.4%) Uzbekistan 9.4% 5.7% 15.2% 4.4% 6.4% 10.8% Total 9.5% 0.6% 10.1% 11.1% (0.1%) 11.0% Reconciliation of Amounts: Reported and in Constant Currency 3Q26 USD, million 3Q26 9M26 Reported Constant FX Reported Constant FX Total revenue Pakistan 522 512 1,487 1,473 Ukraine 352 378 1,018 1,079 Kazakhstan 230 199 669 615 Bangladesh 118 119 354 357 Uzbekistan 86 82 252 238 HQ, other and eliminations 0 0 (1) (1) Total 1,307 1,290 3,779 3,761 USD, million 3Q26 9M26 Reported Constant FX Reported Constant FX EBITDA Pakistan 235 230 660 654 Ukraine 190 204 553 586 Kazakhstan 94 81 274 252 Bangladesh 49 49 145 146 Uzbekistan 31 29 91 86 HQ, other and eliminations (21) (21) (77) (77) Total 577 573 1,645 1,647
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 45 Operating profit / EBIT to EBITDA Reconciliation at Country Level for 3Q26 USD, million Pa ki st an Uk ra in e Ka za kh st an Ba ng la de sh Uz be ki st an H Q a nd El im in at io ns V EO N C on so lid at ed EBIT / Operating profit / (loss) 159 127 86 9 16 9 405 Add Depreciation 55 36 33 27 13 1 164 Amortization 21 24 5 14 2 - 67 Impairment loss - 3 - - - - 2 (Gain) / loss on disp. of non-current assets (1) - (30) (1) (1) - (31) (Gain) / loss on disp. of subsidiary - - - - - (30) (30) EBITDA 235 190 94 49 31 (21) 577 Telecom and Infrastructure, Digital EBITDA (after allocation of direct HQ costs attributable to Digital EBITDA) USD million 2Q26 2Q25 1H26 1H25 Total EBITDA 552 520 1,069 959 Telecommunications and infrastructure (before) 428 445 841 819 Digital (before) 123 74 228 139 Total EBITDA (unchanged) 552 520 1,069 959 Telecommunications and infrastructure (after) 434 448 850 825 Digital (after) 118 71 218 134
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 46 Reconciliation of reported to like-for-like growth USD million 3Q26 3Q25 YoY 9M26 9M25 YoY Total Revenue 1,307 1,115 17.2% 3,779 3,228 17.1% Adjustments + / (-): Sale of Pakistan Towers - - n.m - (12) n.m Sale of Kyrgyzstan business - (5) n.m - (30) n.m Uklon (Ukraine) - - n.m (33) - n.m Tabletki (Ukraine) (8) - n.m (21) - n.m Solar Business (Ukraine) (6) - n.m (9) - n.m Jazz Sure (rebranded TPL Insurance, Pakistan) (7) - n.m (7) - n.m Total Revenue (like for like) 1,286 1,111 15.8% 3,709 3,186 16.4% USD million 3Q26 3Q25 YoY 9M26 9M25 YoY EBITDA 577 524 10.1% 1,645 1,483 11.0% Adjustments + / (-): Sale of Kyrgyzstan business - (2) n.m - (11) n.m Uklon (Ukraine) - - n.m (13) - n.m Bangladesh Provision - - n.m - (40) n.m Tabletki (Ukraine) (6) - n.m (17) - n.m Solar Business (Ukraine) (5) - n.m (8) - n.m Jazz Sure (rebranded TPL Insurance, Pakistan) (1) - n.m (1) - n.m Others - (8) n.m - - n.m EBITDA (like for like) 565 514 9.8% 1,607 1,423 12.3% USD million 3Q26 3Q25 YoY 9M26 9M25 YoY Profit / (loss) for the period 225 (127) n.m 488 599 (18.6%) Adjustments + / (-): Sale of Pakistan Towers - - n.m - (498) n.m Listing expense - 162 - 162 Sale of Kyrgyzstan business - 96 n.m - 95 n.m Uklon (Ukraine) - - n.m (10) - n.m Bangladesh Provision - - n.m - (40) n.m Tabletki (Ukraine) (5) - n.m (13) - n.m Solar Business (Ukraine) (3) - n.m (4) - n.m Jazz Sure (rebranded TPL Insurance, Pakistan) (0) - n.m (0) - n.m Change in fair value of KGL warrants (15) 5 n.m 6 5 18.5% Others (70) (8) n.m (89) (22) n.m Profit for the period (like for like) 132 129 2.4% 378 302 25.5%
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 47 ATTACHMENT C: Debt Management and Liquidity Overview Reconciliation of Debt USD million 30 Sep 2026 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Sep 2025 Net debt, excl. leases & banking ops in Pak 1,781 1,819 1,764 1,751 1,729 Lease liabilities - principal 1,876 1,855 1,852 1,759 1,749 Net debt, excl. banking ops in Pak 3,657 3,675 3,616 3,510 3,478 Cash and cash equivalents 2,033 2,193 1751 1,732 1,663 Customer Deposits in Banking operations (532) (510) (464) (342) (282) Short-term deposits 4 4 3 2 3 Gross debt 5,162 5,362 4,907 4,902 4,861 Interest accrued 101 71 84 63 86 Other financial liabilities 375 449 446 197 212 Derivatives 3 4 4 2 2 Discount, unamortized fees (29) (33) (18) (19) (18) Total Debt and Derivatives 5,612 5,853 5,423 5,145 5,143 Group Debt and Liquidity Currency Mix As of 30 Sep 2026 USD equivalent, millions Gross Debt Capitalized leases Gross debt excluding leases Cash, cash equivalents* Net debt * excluding leases USD 1,960 5 1,955 977 978 EUR 92 - 92 23 69 PKR 1,818 1036 782 635 147 BDT 606 360 246 72 174 UAH 196 196 - 280 (280) Other 490 279 211 50 161 Total 5,162 1,876 3,286 2,037 1,781 " Note: Cash and cash equivalents include customer deposits of USD 532 million relating to banking operations in Pakistan and accrued interest income of USD 4m on money market deposits. The USD 532 million related to banking operations in Pakistan is however excluded for calculation of net debt.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 48 Outstanding Debt by Entity Entity as of 30 Sep 2026 Bonds Loans Overdrafts and vendor financing Total outstanding debt VEON MidCo B.V. 1,794 - - 1,794 Kyivstar Holdings B.V.* 25 - - 25 JazzWorld Pakistan Limited - 755 - 755 Banglalink Digital Communications Ltd. - 246 15 261 KaR-Tel Limited Liability Partnership - 129 74 204 Unitel LLC - 59 49 108 Others 7 6 126 139 Total bonds, loans, overdrafts and other 1,826 1,195 264 3,286 Financial Leases 1,876 Gross debt 5,162 Cash, cash equivalents 2,033 Customer Deposits in Banking operations (532) Deposits 4 Net debt, excl. leases & banking Op. in Pak 1,781 " Note: Effective February 10, 2026, VEON Holdings B.V. legally changed its name to Kyivstar Holdings B.V. Debt Maturity Profile (USD millions) External Debt: Entity 2026 2027 Beyond 2027 Total VEON MidCo BV - 194 1600 1794 Kyivstar Holdings* BV - 25 - 25 JazzWorld Pakistan Limited 25 62 668 755 Banglalink 70 177 14 261 Kartel 26 98 79 204 Unitel 18 24 67 108 Others 11 2 11 24 Long-term accounts payable and other 115 Total 150 582 2,439 3,286 Note: Weighted average debt maturity is 4 years; weighted average debt maturity at HQ is 4.9 years (excluding leases) "Effective February 10th, 2026, VEON Holdings B.V. legally changed its name to Kyivstar Holdings B.V. Lease Liabilities (Principal) Entity 2026 2027 2028 Beyond 2028 Total Pakistan 211 137 120 568 1,036 Bangladesh 51 49 49 212 360 Kazakhstan 112 28 19 41 201 Ukraine 11 43 41 102 196 Uzbekistan 5 18 15 41 78 Headquarter - 5 - - 5 Total 389 280 244 963 1,876 Note: Weighted average maturity is 4.2 years
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 49 ATTACHMENT D: Rates of Functional Currencies to USD Average rates Closing rates Local currency 3Q26 3Q25 YoY 30 Sep 26 30 Sep 25 YoY Pakistan Rupee 277.8 282.9 1.8% 277.0 281.4 1.6% Ukraine Hryvnia 44.7 41.5 (7.6%) 44.9 41.3 (8.6%) Kazakhstan Tenge 462.2 536.2 13.8% 439.4 548.8 19.9% Bangladeshi Taka 123.0 121.6 (1.2%) 122.9 121.6 (1.1%) Uzbekistan Som 11,906.7 12,503.7 4.8% 11,821.2 12,067.8 2.0% Kyrgyzstan Som 87.4 87.4 (0.0%) 87.4 87.4 (0.1%)
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 50 ATTACHMENT E: Definitions 4G / 5G users are mobile customers who used LTE -generation (4G or 5G) network technologies during the three months prior to the measurement date. Average Monthly Investible funds are the average monthly balance of funds deployed by MMBL in eligible investment, lending and treasury instruments during the reporting period Banking Loans are loans extended by MMBL under its banking and lending products, excluding nano loans reported separately, where applicable. These include the outstanding principal balances of eligible conventional microfinance and other banking loan products. Capital Adequacy Ratio (CAR) is the ratio of MMBL’s eligible regulatory capital to its risk-weighted assets, calculated in accordance with the applicable State Bank of Pakistan prudential regulations and capital adequacy requirements. It measures the Bank’s capital buffer relative to its risk exposures. 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 expenditure. Capex intensity is a ratio, which is calculated as capex divided by total revenue. Churn (for subscriber data per customer segmentation, incl. Multiplay, Double Play LTE) are the subscribers that have not performed revenue-generating activities for the last 30 days. Churn can be voluntary when the client has applied for the termination of the contract; - involuntary, when the termination of communication services is carried out at the initiative of the company in accordance with the terms of the contract. Churn rate (for subscriber data per customer segmentation, incl. Multiplay, Double Play LTE) is calculated for the number of Churn subscribers for the last 30 days divided by the average mobile subscribers during the relevant period. Customer Deposits are the total outstanding balances of deposits placed with MMBL by its customers as of the reporting date, comprising eligible deposit products offered by the Bank, and includes current accounts, savings accounts and term deposits. These also include balances placed in JazzCash wallet accounts. LTM Capex intensity is a ratio, which is calculated as last-twelve-month (LTM) capex divided by LTM total revenue. Digital customers are gross total cumulative users for the reported period of all digital platforms, services and applications offered by an entity or by the Group and include users who are active in more than one application (who may be double counted in this figure). Digital-Only customers represent the total cumulative users across all digital platforms who are not VEON mobile subscribers. This measure includes users who are active in more than one application. Direct to Cell (D2C) is satellite-to-phone connectivity that lets a standard 4G/LTE smartphone connect directly to low-earth-orbit satellites, without a satellite phone or other special equipment. D2C customers represent unique subscribers registered on the Direct to Consumer (D2C) network since service launch. Digital revenues include digital services and platforms, spanning entertainment (gaming, music, and video streaming), financial services (mobile payments, wallets, insurance, lending), e-commerce, ride-hailing, SuperApps, and all revenues under secondary brands. It also includes enterprise solutions such as AdTech, Enterprise Identity and credentials management services, Big Data, cloud, and IoT, as well as digital offerings in education and healthcare.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 51 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 with allocation of direct HQ costs related to digital business. Doubleplay LTE customers are mobile customers who engaged in usage of our voice and data services over LTE (4G and 5G) technology at any time during the one month prior to such measurement date. Disbursements are the total value of loans disbursed by MMBL to its customers including disbursement of Nano loans during the reporting period, representing the gross amount of new loan facilities released EBITDA is a non-IFRS financial measure and is called Adjusted EBITDA in the 2025 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. EBITDA margin is calculated as EBITDA (as defined above) divided by total revenue, expressed as a percentage. EBITDAaL is calculated as EBITDA (as defined above) after lease expense. Fixed customers (also – fixed subscribers) are generally customers in the registered customer base at a given measurement date who engaged in a fixed revenue generating activity at any time during the three months prior to such measurement date. Fixed ARPU measures the monthly average Fixed Telecommunications revenue generated by our own subscribers during the relevant period per fixed customer. Telecommunications revenue includes all fixed connectivity-related revenue generated by our own fixed subscribers, exclusive of revenue from device sales. 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 banking cash flows, cash outflows related to business acquisitions, inflow/outflow of deposits and financial assets. Cash flows from financing activities like debt issuance 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 Telecommunications bill payments, debit card, payment gateway, digital lending, insurance, and other financial services. Gross debt is calculated as the sum of short term and long-term interest-bearing debt and includes bank loans, bonds, lease liabilities, and equipment financing. It excludes spectrum and license related payment obligations, accrued interest, unamortized debt-issuance fees and other liabilities that do not have the characteristics of traditional banking debt. Gross merchandise value (GMV) is calculated as total monetary value of goods or services facilitated through the platform over a given period, before deducting commissions, fees, discounts, refunds, or costs. Gross Loan Portfolio (GLP) is the total outstanding principal balance of loans disbursed by MMBL to its customers as of the reporting period, before deducting provisions for expected credit losses. Loan Loss Provisions are the ECL & write off charges recognized by MMBL against its loan portfolio including Nano loan portfolio to reflect expected credit losses, changes in the credit quality of loans and other applicable requirements under the relevant accounting standards and State Bank of Pakistan regulations. Like-for-like comparisons exclude amounts impacting revenues and/or EBITDA, which may be recurring in nature but are not operational. Underlying revenues, and/or EBITDA and/or EBITDA margin exclude such identified items. Reconciliations are provided in Attachment B. Local currency (or “LCY”) trends (growth/decline) in revenue and EBITDA are non-IFRS financial measures that
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 52 reflect changes in Revenue and EBITDA, excluding foreign currency movements (“constant FX”). We present certain financial information in respect of our operating companies in local currency terms. This non-IFRS financial measure is intended to present the results of our operating companies in local currency amounts and thus exclude the impact of translating such local currency amounts to our reporting currency, U.S. dollars, improving the comparability of results between periods. Our management believes that this increase in comparability between periods provides an additional and meaningful assessment of performance for our management and for the investors. Mobile ARPU (average revenue per user) measures the monthly average mobile Telecommunications revenue generated by our own subscribers during the relevant period per mobile user. Telecommunications revenue includes all mobile connectivity-related revenue generated by our own mobile subscribers, exclusive of revenue from device sales. 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 LTE 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 / 5G usage below the 100Mb threshold is included in Multiplay and Double play LTE user count (excluded prior to 1Q25). Net debt 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 (USD 4 million as of September 30, 2026; USD 4 million as of June 30, 2026 and USD 3 million as of September 30, 2025), 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. NPL ratio (banking loans%) Calculated as Stage 3 (credit-impaired) exposures, as defined under IFRS 9, divided by total outstanding portfolio. Recovery rate (%) is the percentage of Principal collected for the disbursement cohorts maturing in the quarter after 236 Days of disbursement. Revenues from telecommunications services and from infrastructure (“Telecom and infrastructure revenues” or “Telecom and infra revenues”) are revenues generated by VEON from providing Telecommunications and infrastructure services. Telecommunications 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 owned by VEON, such as towers, fiber-optic lines and solar power generation assets, 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 Telecommunications and infrastructure activities. Directly attributable HQ costs are included in Group Telecommunications / Infra EBITDA. 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 the third quarter of 2025) and “HQ” represents transactions related to management activities within the group in Dubai.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 53 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 financial information not presented in accordance with IFRS. EBITDA, EBITDA Margin, EBITDAaL, free cash flow, local currency growth in revenue and EBITDA, net debt, net debt excluding leases, like-for-like revenue, EBITDA and profit growth, and capex (excl. license payments) are non-IFRS, company-specific performance measures that VEON uses to supplement the results presented in accordance with IFRS. We believe our non-IFRS financial measures provide useful information to investors as an indicator of the strength, resilience and performance of our business operations. They also assist management and investors by increasing the comparability of our performance against the performance of other digital operators and telecommunications companies that report EBITDA performance or similar metrics. Non-IFRS measures should be considered in addition to results and guidance prepared in accordance with IFRS, but should not be considered a substitute for, or superior to, IFRS results. Reconciliation tables for such non-IFRS financial measures to the most comparable IFRS financial measures are included in Attachment [B] to this document. 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 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 the results of Kyivstar Group Ltd., which was listed on Nasdaq in August 2025, together with those of Ukraine Tower Company LLC ("UTC"), our Ukrainian network infrastructure business. UTC is not owned by Kyivstar Group Ltd. For this reason, the Ukraine results presented herein may differ from those prepared 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 statements relating to, among other things, VEON’s plans to implement its strategic priorities, operating model and development plans; VEON's ability to achieve anticipated performance results; VEON’s intended expansion of its digital experience; VEON’s assessment of the impact of the war in Ukraine, including recent escalations, on its current and future operations and financial condition; VEON’s assessment of the impact of political instability in Bangladesh; future market developments and trends; operational and network development and network investment; spectrum acquisitions and renewals; the effect of the acquisition of additional spectrum on customer experience; VEON’s ability to realize the acquisition and disposition of any of its businesses and assets as well as the impact of the consolidation of such newly acquired business and assets, like Tabletki, into VEON’s financials and results of operations; VEON’s ability to execute its strategic transactions in the timeframes anticipated, or at all; VEON’s ability to realize financial improvements; VEON’s ability to realize its share buyback and cancellation targets; and VEON’s ability to realize its targets and commercial initiatives in its various countries of operation. 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 2025 Form 20-F filed with the SEC on March 16, 2026 and other public filings made by VEON with the SEC. 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.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 54 VEON Group Holding Company Limited, Index Tower (East Tower), Unit 1703, DIFC (Dubai International Financial Center), Dubai, United Arab Emirates www.veon.com
Digital Life Digital Enterprise Pakistan Ukraine Bangladesh UzbekistanKazakhstan Financial Services Remittances Wallets Digital Banking Lending Insurance Entertainment Ride-Hailing Healthcare SuperApps Premium Digital Brands Cloud / AI Factory Software AI Platforms B2B Solutions Telecommunications & Infrastructure November 6, 2026 3Q26 Results Presentation VEON raises mid-point of Revenue and EBITDA outlook for 2026 3Q26 Revenues +17.2% EBITDA +10.1% Digital Revenues +45.9%
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 financial information not presented in accordance with IFRS. EBITDA, EBITDA Margin, EBITDAaL, free cash flow, local currency growth in revenue and EBITDA, net debt, net debt excluding leases, like-for-like revenue, EBITDA and profit growth, and capex (excl. license payments) are non-IFRS, company-specific performance measures that VEON uses to supplement the results presented in accordance with IFRS. We believe our non-IFRS financial measures provide useful information to investors as an indicator of the strength, resilience and performance of our business operations. They also assist management and investors by increasing the comparability of our performance against the performance of other digital operators and telecommunications companies that report EBITDA performance or similar metrics. Non-IFRS measures should be considered in addition to results and guidance prepared in accordance with IFRS, but should not be considered a substitute for, or superior to, IFRS results. Reconciliation tables for such non-IFRS financial measures to the most comparable IFRS financial measures are included in VEON’s Earnings Release and Operating Highlights for the Third Quarter and Nine Months ended September 30, 2026, available on the VEON and SEC websites. 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 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 the results of Kyivstar Group Ltd., which was listed on Nasdaq in August 2025, together with those of Ukraine Tower Company LLC ("UTC"), our Ukrainian network infrastructure business. UTC is not owned by Kyivstar Group Ltd. For this reason, the Ukraine results presented herein may differ from those prepared 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 statements relating to, among other things, VEON’s plans to implement its strategic priorities, operating model and development plans; VEON's ability to achieve anticipated performance results; VEON’s intended expansion of its digital experience; VEON’s assessment of the impact of the war in Ukraine, including recent escalations, on its current and future operations and financial condition; VEON’s assessment of the impact of political instability in Bangladesh; future market developments and trends; operational and network development and network investment; spectrum acquisitions and renewals; the effect of the acquisition of additional spectrum on customer experience; VEON’s ability to realize the acquisition and disposition of any of its businesses and assets as well as the impact of the consolidation of such newly acquired business and assets, like Tabletki, into VEON’s financials and results of operations; VEON’s ability to execute its strategic transactions in the timeframes anticipated, or at all; VEON’s ability to realize financial improvements; VEON’s ability to realize its share buyback and cancellation targets; and VEON’s ability to realize its targets and commercial initiatives in its various countries of operation. 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 2025 Form 20-F filed with the SEC on March 16, 2026 and other public filings made by VEON with the SEC. 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 TELECOM FOUNDATION, THREE DIGITAL PILLARS, ONE FLYWHEEL Telecommunications & Infrastructure #1 in 3 out of 5 markets Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Double Digit Growth Revenue & EBITDA Strong FCF Conversion $200mn Annual Buyback Commitment 152.3mn +1.9% YoY Customers1 221.1mn +8.2% YoY Customers1 Digital Life Digital Enterprise Entertainment · Ride-Hailing · Healthcare Premium Digital Brands · SuperApps AI Solutions · Cloud / AI Factory B2B Solutions · Software Financial Services Digital Banking · Lending · Remittances Wallets · Insurance Higher cash generation Engagement increases loyalty Digital deepens engagement Connectivity brings customers in Digital Services 1. As of September 30, 2026.
4 3Q26: ON TRACK, ON EVERY FRONT Delivering Strong Growth 17.2% 1 Rev. growth, USD 10.1% 1 EBITDA growth, USD ▪ Delivering double-digit top-line and EBITDA growth. 9M26: revenue up 17.1% YoY; EBITDA up 11.0% YoY. ▪ Continuing to scale Digital business profitably. Digital revenue up 45.9% YoY (now at 27.2% of revenue) with 36% EBITDA margin for 3Q26. ▪ Prioritizing FCF2 focus. 3Q26 FCF grew 91.8%, net of asset disposal proceeds3; FCF at 15.4% of revenues for the quarter. ▪ Sustaining healthy balance sheet, ample liquidity. Leverage4 at 1.05x; USD2.03bn in cash and cash equivalents5, including USD755m at HQ. ▪ Executing growth levers: Established financial services in Bangladesh, strengthened digital entertainment and digital enterprise suite, improved competitive position in Uzbekistan, accelerated Starlink rollout. ▪ Revising up mid-point of 2026 outlook: Now expecting revenue growth of 16–18% and EBITDA growth of 10–12% (USD). ▪ Accelerating capital return. Ongoing program to repurchase and cancel 3.9% of outstanding shares; follows USD200m in buybacks since August 2024. Accelerating Digital Services Expansion 45.9% Digital Rev. growth, USD 27.2% Digital as % to Rev. in 3Q26 Powering Multiple Growth Engines Telecom & Infra Digital Services Returning Value to Shareholders 1. Like-for-like revenue and EBITDA growth was 15.8% and 9.8% for 3Q26 respectively, and 16.4% and 12.3% for 9M26 respectively. Reconciliation tables are included in VEON’s Earnings Release and Operating Highlights for the Third Quarter and Nine Months ended September 30, 2026, available on the VEON and SEC websites; 2. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged; 3. 3Q26 FCF includes $61mn of asset disposal proceeds vs. $230mn in 3Q25. Excluding these, FCF grew 91.8% in 3Q26; 4. Net Debt (excluding lease liabilities) to EBITDAaL; 5. Includes deposits relating to banking operations in Pakistan as of September 30, 2026. 3.9% of outstanding shares to be repurchased and cancelled
5 3Q26: DOUBLE-DIGIT REVENUE AND EBITDA GROWTH Free Cash Flow 3 201 (33.8%)4 Note: All figures expressed in USD million, unless specified otherwise. 1. 3Q25 included a non-cash charge of USD 259 million related to Kyivstar Group listing and sale of Kyrgyzstan operations; 2. Includes deposits relating to banking operations in Pakistan as of September 30, 2026; 3. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged. 4. Excluding proceeds from asset disposals, FCF grew 91.8% in 3Q26 Customer Base 36.0% (2.8 p.p) EBITDA margin 44.1% +2.0 p.p 47.2% (3.4 p.p) Capex 18.2% LTM capex intensity (15.4% excl. Ukraine) Diluted Earnings per ADS $2.67 (1.84) in 3Q25 1 Net Debt excl. Leases / LTM EBITDAaL 1.05x Group Cash 2,033 2 128 +10.1% EBITDA 577 +54.5% 449 +1.8% 355 +17.2% Revenue 1,307 +45.9% 952 +9.2% 225 Telecommunications & Infrastructure Digital Services +1.0% 221.1 +8.2% YoY 152.3 +1.9% YoY +0.5% QoQ 755 at HQ Profit for the period 225 (127) in 3Q25
6 Total revenue 28.9% 17.4% 8.5% 0.7% 11.0% Telecom & Infra 17.6% 8.3% 6.3% (1.5%) 9.5% Digital 50.5% 69.0% 19.7% 18.4% 19.2% Digital rev. as % of total 40.1% 21.6% 18.0% 13.0% 16.1% USD growth, YoY FIVE MARKETS, ONE DIGITAL PLAYBOOK: EXECUTING AT SCALE Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan % of total revenue 39.9% 26.9% 17.6% 9.0% 6.6% EBITDA 26.2% 10.7% (18.4%) (0.5%) 15.2% EBITDA Margin 45.0% 54.0% 40.6% 41.6% 35.7% 3Q26 LTM Capex intensity (%) 13.2% 25.9% 19.3% 13.3% 19.5%
7 THREE PILLARS POWERING ONE GROWING ECOSYSTEM 221.1mn Digital Customers +8.2% YoY 27.2% Digital % of Revenue +5.4 p.p. YoY 63.9mn Digital-Only 59.7 +1.4% 80.8 (10.3%) 74.4 +24.4% Entertainment SuperApps Financial Services Healthcare 16.4 +183.2% Premium Digital Brands 6.9 +58.9% Ride-Hailing & Delivery 5.4 +6.0% Cloud, AI platforms Software Digital Life +9.9% Digital customers, mn Users active during 3Q26; YoY % 163.7 Digital Enterprise
8 DIGITAL SCALING FAST, AND PROFITABLY Financial Services Digital Life Digital Enterprise USD mn | EBITDA margin % below each value 3Q26 digital services revenue 107 166 77 123 60 66 194 3Q24 3Q25 3Q26 244 355 +45.9% YoY +35.2% CAGR 18.7% 21.8% 27.2% of Group revenue EBITDA USD 128mn +54.5% EBITDA margin 36.0% +2.0 p.p LTM capex intensity 6.9% +0.6 p.p 9M26 digital services revenue 304 451 175 347 179 202 535 9M24 9M25 9M26 658 1,000 +52.0% YoY 17.8% 20.4% 26.5% of Group revenue EBITDA USD 346mn +59.6% EBITDA margin 34.6% +1.6 p.p LTM capex intensity 6.9% +0.6 p.p Digital scaling into a profitable, cash-generative growth engine, with momentum across financial services, consumer & enterprise +36.7% CAGR 41.1% 34.5% 29.7% 37.5% 39.6% 32.7% 38.2% 34.5% 29.0% 35.1% 39.2% 30.9%
9 DEEPER ENGAGEMENT COMPOUNDS VALUE Growth in multiplay customers mn, active in the last month 35.3 43.5 44.7 3Q24 3Q25 3Q26 +2.9%Multiplay customers YoY Multiplay vs. voice-only customers, 3Q26 ARPU USD per month Multiplay Voice-only 4.2x higher ARPU Churn monthly churn rate Multiplay Voice-only 0.5x churn LTV 1 lifetime value, USD per customer Multiplay Voice-only 8.4x higher lifetime value As customers adopt digital services, they use more data and voice, generate higher telecom revenue and stay longer 1. Methodology: Monthly ARPU × 3Q26 EBITDA margin ÷ 3Q26 average monthly churn rate.
10 FINANCIAL SERVICES: A SIGNIFICANT GROWTH OPPORTUNITY VEON DFG (DIGITAL FINANCIAL GROUP) VEON’s dedicated organizational and strategic arm for digital financial services, bringing together the Group’s fintech, payments, digital banking, insurance and digital assets businesses under a unified vision and operating framework 59.7mn 3Q26 customers, +1.4% YoY USD 54mn 3Q26 EBITDA, +70.1% YoY STRATEGIC HIGHLIGHTS Pakistan JazzCash + Mobilink Bank + JazzSure: wallet, bank, insurance Bangladesh Received approval for digital banking license; Mukto Pay launched Kazakhstan & Uzbekistan Scaling wallets, merchant pay & lending. Pursuing digital banking license Mastercard Partnership on scaling AI-enabled financial services in five markets FOOTPRINT Pakistan 30.4mn customers 16.8mn policyholders Bangladesh NEW Kazakhstan 5.0mn customers Uzbekistan 0.8mn customers USD 166mn 3Q26 revenue, +54.2% YoY Digital Bank
11 94 263 35 94 28 59 3Q26 9M26 Other revenue Payments and transaction revenue Credit Related revenue PAKISTAN FINANCIAL SERVICES: AT SCALE Revenues (USD mn) Profit After Tax (USD mn) 24 48 3Q26 9M26 156 417 Customers Active during Quarter 30.4mn +15.6% YoY Gross Transaction Value $25.0bn +82.5% YoY Active Merchants during Quarter 957k +121.9% YoY Customer Deposits $1,036mn +64.1% YoY Capital Adequacy Ratio (MMBL) 16.8% (1.2 p.p.) YoY Gross Loan Portfolio: $486mn Term loans $320mn +31.3% YoY Nano loans $166mn +134.6% YoY Asset Quality NPL ratio, term loans 8.1% (2.3 p.p.) YoY Recovery rate (nano loans) 93.2% +1.7 p.p. YoY YoY Growth +70.6% +59.9% n.m 509.1% Branchless Bank Accounts 65.0mn +21.6% YoY
12 3Q26: KEY FINANCIAL HIGHLIGHTS • 3Q26 Revenue up 17.2% driven by telecom and infra growth, digital scaling and acquisitions. • 3Q26 EBITDA up 10.1%, reflecting disciplined execution against macro headwinds (e.g., higher energy prices). • LTM Capex intensity at 18.2%. 9M26 Capex down 4.7% YoY. Reflects targeted investments to drive sustainable growth. • 3Q26 FCF3 grew 91.8%4, net of asset disposal proceeds. At 15.4% of revenue for 3Q26. • 9M26 profit up 25.5%2 YoY on a like-for-like basis.5 (USD mn) 3Q26 3Q25 YoY% 9M26 9M25 YoY% Financial KPIs Revenues 1,307 1,115 17.2% 3,779 3,228 17.1% EBITDA 577 524 10.1% 1,645 1,483 11.0% EBITDA Margin 44.1% 47.0% (2.8p.p.) 43.5% 45.9% (2.4p.p.) Profit for the period 225 (127) N.M. 488 599 (18.6%)1 Earnings per ADS (Diluted, USD) 2.67 (1.84)1 N.M. 5.74 7.81 (26.3%)2 Cash Flow Capex 225 223 1.0% 562 589 (4.7%) Cash flow from Oper. Activities 450 323 39.4% 1,310 892 46.9% Free Cash Flow (FCF) 4 201 303 (33.8%)3 520 520 0.1%3 1. 3Q26 profit for the period reflects a non-cash charge of USD 259 million related to the Kyivstar Group listing and sale of Kyrgyzstan operations; 2. 9M25 also reflects USD 502 million gain on Pakistan tower sale in 2Q25. 3. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged; 4. Net of asset disposal proceeds, FCF grew 91.8% in 3Q26 to USD 140 million (versus USD 73 million in 3Q25), and grew to USD 164 million in 9M26 (versus USD 6 million in 9M25). 5. Reconciliation tables are included in VEON’s Earnings Release and Operating Highlights for the Third Quarter and Nine Months ended September 30, 2026, available on the VEON and SEC websites.
13 USD mn 30 Sep 2026 30 June 2026 Cash and cash equivalents 2,033 2,193 Cash at HQ 755 968 Gross debt 5,162 5,362 Lease liabilities – principal 1,876 1,855 Net debt1 3,657 3,675 Net debt1 excluding leases 1,781 1,819 Net debt1 excluding leases / LTM EBITDAaL 2 1.05x 1.10x Weighted Average Debt Maturity (years) 4.0 3.9 Weighted Average Debt Maturity (years, HQ) 4.9 4.7 STRONG BALANCE SHEET, SUSTAINABLE CAPITAL STRUCTURE 1. Net Debt excludes USD 532 million of cash and deposits relating to banking operations in Pakistan as of September 30, 2026 (USD 510 million as of June 30, 2026); 2. EBITDA after Leases, USD 1,692 million for LTM as of 30 Sep 2026. Ample liquidity • $2.0bn cash on hand, including $755mn at HQ level. • Net debt (excluding leases) at $1.8bn. • $90.1mn in dividends from OpCos in 3Q26. Low Leverage • Repaid USD 210 million of syndicated debt in 3Q. • Leverage was 1.05x compared to 1.10x in June-26.
14 DISCIPLINED CAPITAL ALLOCATION POLICY 9M26 Telecom & Infrastructure EBITDA USD 1,299mn Digital Services EBITDA USD 346mn Cash flow from operating activities USD 1,310mn Disciplined capital expenditure USD 562mn Asset Monetization USD 356mn Free cash flow USD 520mn Shareholder returns Min. USD 200mn p.a. Buyback & cancellation commitment; 2.9m ADSs (3.9% of outstanding shares) buyback plan in progress; USD 200mn YTD1 Strong Balance sheet 1.05x Net debt / LTM EBITDAaL2, 4-yr avg. debt maturity Invest for growth Disciplined investment To a clear and focused strategy 9M26: USD 241mn 1. To November 4, 2026. 2. Net Debt (excluding lease liabilities) to EBITDAaL. GROWTH ENGINES DRIVING STRONG CASH FLOW DISCIPLINED INVESTMENT IN THE BUSINESS STRONG FREE CASH FLOW CONVERSION
15 10% - 12% REVISING UP MID-POINT OF 2026 OUTLOOK 16% - 18% Maintained Actuals 2026 Outlook 3Q 2026 9M 2026 Previous Revised Total revenue, USD 17.2% 17.1% 15% - 18% EBITDA, USD 10.1% 11.0% 9% - 12% LTM capex intensity excl. Ukraine 15.4% 15% - 17%
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Appendix
19 OUTPACING INFLATION, CAPTURING HIGHER WALLET SHARE Revenue Growth 9.8% 7.5% 17.2% 3Q24 3Q25 3Q26 EBITDA Growth -1.5% 19.7% 10.1% Inflation 8.1% 8.9% 9.3% Fair value pricing and digital growth Disciplined cost management Weighted average inflation across VEON markets USD LCY 14.1% 11.1% 15.7% 3.5% 24.0% 9.5% Engagement powers the Flywheel Telecommunications reach → Digital engagement → Higher retention → Greater lifetime value 3Q24 3Q25 3Q26 3Q24 3Q25 3Q26
20 1,038 1,115 1,307 9.8% 7.5% 17.2% 3Q24 3Q25 3Q26 YoY % 3Q26 REVENUES: SUSTAINING DOUBLE DIGIT GROWTH RATES Total Revenues USD mn Revenues in 3Q26 USD mn Revenue, USD +28.9% +17.4% +8.5% +0.7% +11.0% +17.2% Revenue, LCY +26.6% +26.4% (6.6%) +1.9% +5.7% +15.7% 1,307 522 352 230 117 86 Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan VEON
21 438 524 577 -1.5% 19.7% 10.1% 3Q24 3Q25 3Q26 YoY % 3Q26 EBITDA: SUSTAINED DOUBLE-DIGIT GROWTH EBITDA (USD mn) EBITDA in 3Q26 (USD mn) 47.0% 44.1%42.2%Margin EBITDA, USD +26.2% +10.7% (18.4%) (0.5%) +15.2% N.M. +10.1% EBITDA, LCY +23.9% +19.2% (29.6%) +0.7% +9.4% N.M. +9.5% 577(22) 235 190 94 49 31 Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan HQ VEON
22 3Q26: SEGMENTAL FINANCIAL HIGHLIGHTS USD mn YoY growth 3Q26 9M26 Revenue EBITDA EBITDA margin Revenue EBITDA EBITDA margin Telecom & Infrastructure 952 +9.2% 449 +1.8% 47.2% (3.4 p.p) 2,779 +8.1% 1,299 +2.7% 46.8% (2.5 p.p) Financial Services 166 +54.2% 54 +70.1% 32.7% +3.0 p.p 451 +48.2% 139 +57.9% 30.9% +1.9 p.p Digital Life 123 +60.7% 49 +84.6% 39.6% +5.1 p.p 347 +98.2% 136 +125.0% 39.2% +4.7 p.p Digital Enterprise 66 +11.9% 25 +2.0% 37.5% (3.6 p.p) 202 +12.9% 71 +3.8% 35.1% (3.1 p.p) VEON Group 1,307 +17.2% 577 +10.1% 44.1% (2.8 p.p) 3,779 +17.1% 1,645 +11.0% 43.5% (2.4 p.p) Improving segment disclosure, enhancing transparency
23 3Q26: FREE CASH FLOW RECONCILIATION USD million 3Q26 3Q25 9M26 9M25 EBITDA 577 524 1,645 1,483 Changes in working capital (15) (88) 66 (109) Changes in provisions, pensions and other 16 32 61 80 Net interest paid (62) (66) (240) (238) Income taxes paid (67) (79) (223) (323) Banking interest expense (14) (10) (35) (26) Cash capex (excluding license payments) (208) (194) (673) (602) Proceeds from full and partial sale of subs & other non-current assets 61 230 356 514 Lease liabilities payments – principal (75) (70) (215) (175) Licenses payments (63) (57) (75) (73) Decrease / (increase) in customer banking deposits / loans 50 80 (146) (9) Free Cash Flow1 201 303 520 520 Note: All figures expressed in USD million. 1. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged.
24 PAKISTAN: STRONG ALL-ROUND GROWTH Revenue by segment (PKR bn) EBITDA by segment (PKR bn) EBITDA margin by segment (%) PKR 65,172mn EBITDA +23.9% PKR 20,947mn Capex +68.9% PKR 144,935mn Total Revenue +26.6% PKR 58,109mn Digital Revenue +47.9% 75.2 86.8 39.3 58.1 3Q25 3Q26 Telecom & Infrastructure Digital 41.5 44.7 11.1 20.5 3Q25 3Q26 Telecom & Infrastructure Digital 55.1% 51.5% 28.4% 35.2% 45.9% 45.0% 3Q25 3Q26 Telecom & Infrastructure Digital Total
25 UKRAINE: STRONG GROWTH POWERED BY DIGITAL EXPANSION UAH 8,482mn EBITDA +19.2% UAH 3,229mn Capex (24.1%) UAH 15,713mn Total Revenue +26.4% UAH 3,391mn Digital Revenue +81.9% Revenue by segment (UAH bn) EBITDA by segment (UAH bn) EBITDA margin by segment (%) 10.6 12.3 1.9 3.4 3Q25 3Q26 Telecom & Infrastructure Digital 6.4 7.1 0.7 1.4 3Q25 3Q26 Telecom & Infrastructure Digital 60.4% 57.6% 39.4% 40.7% 57.2% 54.0% 3Q25 3Q26 Telecom & Infrastructure Digital Total
26 KAZAKHSTAN: FOCUSED ON RECOVERING MOMENTUM Revenue by segment (KZT bn) EBITDA by segment (KZT bn) EBITDA margin by segment (%) KZT 43,245mn EBITDA (29.6%) KZT 21,664mn Capex (29.3%) KZT 106,471mn Total Revenue (6.6%) KZT 19,133mn Digital Revenue +3.0% 95.4 87.3 18.6 19.1 3Q25 3Q26 Telecom & Infrastructure Digital 51.4 35.5 10.0 7.7 3Q25 3Q26 Telecom & Infrastructure Digital 53.9% 40.6% 54.1% 40.5% 53.9% 40.6% 3Q25 3Q26 Telecom & Infrastructure Digital Total
27 BANGLADESH: SOUND PROGRESS ON MANY STRATEGIC INITIATIVES Revenue by segment (BDT bn) EBITDA by segment (BDT bn) EBITDA margin by segment (%) BDT 6,012mn EBITDA +0.7% BDT 2,590mn Capex 2.1x BDT 14,466mn Total Revenue +1.9% BDT 1,879mn Digital Revenue +19.8% 12.6 12.6 1.6 1.9 3Q25 3Q26 Telecom & Infrastructure Digital 5.3 5.5 0.7 0.6 3Q25 3Q26 Telecom & Infrastructure Digital 42.0% 43.4%42.6% 29.5% 42.1% 41.6% 3Q25 3Q26 Telecom & Infrastructure Digital Total
28 UZBEKISTAN: RESILIENT QUARTER, PERFECTUM STRENGTHENS COMPETITIVE POSITION Revenue by segment (UZS bn) EBITDA by segment (UZS bn) EBITDA margin by segment (%) UZS 365bn EBITDA +9.4% UZS 103bn Capex (25.7%) UZS 1,023bn Revenue +5.7% UZS 164bn Digital Revenue +13.4% 823 858 145 164 3Q25 3Q26 Telecom & Infrastructure Digital 320 342 14 24 3Q25 3Q26 Telecom & Infrastructure Digital 38.9% 39.8% 9.7% 14.4% 34.5% 35.7% 3Q25 3Q26 Telecom & Infrastructure Digital Total
29 Connectivity Services OUR DIVERSE DIGITAL ASSET PORTFOLIO Financial Services Digital Life Digital EnterprisePremium Digital Brands SuperApps¹ Entertainment Healthcare Ride-Hailing & Delivery Marketplace Pakistan Ukraine Bangladesh Kazakhstan Uzbekistan 1. Includes Education 29
30 DEFINITIONS 1/2 4G / 5G users are mobile customers who used LTE -generation (4G or 5G) network technologies during the three months prior to the measurement date. Average Monthly Investible funds are the average monthly balance of funds deployed by MMBL in eligible investment, lending and treasury instruments during the reporting period Banking Loans are loans extended by MMBL under its banking and lending products, excluding nano loans reported separately, where applicable. These include the outstanding principal balances of eligible conventional microfinance and other banking loan products. Capital Adequacy Ratio (CAR) is the ratio of MMBL’s eligible regulatory capital to its risk-weighted assets, calculated in accordance with the applicable State Bank of Pakistan prudential regulations and capital adequacy requirements. It measures the Bank’s capital buffer relative to its risk exposures. 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 expenditure. Capex intensity is a ratio, which is calculated as capex divided by total revenue. Churn (for subscriber data per customer segmentation, incl. Multiplay, Double Play LTE) are the subscribers that have not performed revenue-generating activities for the last 30 days. Churn can be voluntary when the client has applied for the termination of the contract; - involuntary, when the termination of communication services is carried out at the initiative of the company in accordance with the terms of the contract. Churn rate (for subscriber data per customer segmentation, incl. Multiplay, Double Play LTE) is calculated for the number of Churn subscribers for the last 30 days divided by the average mobile subscribers during the relevant period. Customer Deposits are the total outstanding balances of deposits placed with MMBL by its customers as of the reporting date, comprising eligible deposit products offered by the Bank, and includes current accounts, savings accounts and term deposits. These also include balances placed in JazzCash wallet accounts LTM Capex intensity is a ratio, which is calculated as last-twelve-month (LTM) capex divided by LTM total revenue. Digital customers are gross total cumulative users for the reported period of all digital platforms, services and applications offered by an entity or by the Group and include users who are active in more than one application (who may be double counted in this figure). Digital-Only customers represent the total cumulative users across all digital platforms who are not VEON mobile subscribers. This measure includes users who are active in more than one application. Direct to Cell (D2C) is satellite-to-phone connectivity that lets a standard 4G/LTE smartphone connect directly to low-earth-orbit satellites, without a satellite phone or other special equipment. D2C customers represent unique subscribers registered on the Direct to Consumer (D2C) network since service launch. Digital revenues include digital services and platforms, spanning entertainment (gaming, music, and video streaming), financial services (mobile payments, wallets, insurance, lending), e-commerce, ride-hailing, SuperApps, and all revenues under secondary brands. It also includes enterprise solutions such as AdTech, Enterprise Identity and credentials management services, Big Data, cloud, and IoT, as well as digital offerings in education and healthcare. 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 with allocation of direct HQ costs related to digital business. Doubleplay LTE customers are mobile customers who engaged in usage of our voice and data services over LTE (4G and 5G) technology at any time during the one month prior to such measurement date. Disbursements are the total value of loans disbursed by MMBL to its customers including disbursement of Nano loans during the reporting period, representing the gross amount of new loan facilities released EBITDA is a non-IFRS financial measure and is called Adjusted EBITDA in the 2025 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. EBITDA margin is calculated as EBITDA (as defined above) divided by total revenue, expressed as a percentage. EBITDAaL is calculated as EBITDA (as defined above) after lease expense. Fixed customers (also – fixed subscribers) are generally customers in the registered customer base at a given measurement date who engaged in a fixed revenue generating activity at any time during the three months prior to such measurement date. Fixed ARPU measures the monthly average Fixed Telecommunications revenue generated by our own subscribers during the relevant period per fixed customer. Telecommunications revenue includes all fixed connectivity-related revenue generated by our own fixed subscribers, exclusive of revenue from device sales. 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 banking cash flows, cash outflows related to business acquisitions, inflow/outflow of deposits and financial assets. Cash flows from financing activities like debt issuance or re-payments and proceeds from issuance of shares are excluded.
31 DEFINITIONS 2/2 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 Telecommunications bill payments, debit card, payment gateway, digital lending, insurance, and other financial services. Gross debt is calculated as the sum of short term and long-term interest-bearing debt and includes bank loans, bonds, lease liabilities, and equipment financing. It excludes spectrum and license related payment obligations, accrued interest, unamortized debt-issuance fees and other liabilities that do not have the characteristics of traditional banking debt. Gross merchandise value (GMV) is calculated as total monetary value of goods or services facilitated through the platform over a given period, before deducting commissions, fees, discounts, refunds, or costs. Gross Loan Portfolio (GLP) is the total outstanding principal balance of loans disbursed by MMBL to its customers as of the reporting period, before deducting provisions for expected credit losses. Loan Loss Provisions are the ECL & write off charges recognized by MMBL against its loan portfolio including Nano loan portfolio to reflect expected credit losses, changes in the credit quality of loans and other applicable requirements under the relevant accounting standards and State Bank of Pakistan regulations. Like-for-like comparisons exclude amounts impacting revenues and/or EBITDA, which may be recurring in nature but are not operational. Underlying revenues, and/or EBITDA and/or EBITDA margin exclude such identified items. Reconciliation tables are included in VEON’s Earnings Release and Operating Highlights for the Third Quarter and Nine Months ended September 30, 2026, available on the VEON and SEC websites. 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”). We present certain financial information in respect of our operating companies in local currency terms. This non-IFRS financial measure is intended to present the results of our operating companies in local currency amounts and thus exclude the impact of translating such local currency amounts to our reporting currency, U.S. dollars, improving the comparability of results between periods. Our management believes that this increase in comparability between periods provides an additional and meaningful assessment of performance for our management and for the investors. Mobile ARPU (average revenue per user) measures the monthly average mobile Telecommunications revenue generated by our own subscribers during the relevant period per mobile user. Telecommunications revenue includes all mobile connectivity-related revenue generated by our own mobile subscribers, exclusive of revenue from device sales. 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 LTE 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 / 5G usage below the 100Mb threshold is included in Multiplay and Double play LTE user count (excluded prior to 1Q25). Net debt 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 (USD 4 million as of September 30, 2026; USD 4 million as of June 30, 2026 and USD 3 million as of September 30, 2025), ex cluding 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. NPL ratio (banking loans%) Calculated as Stage 3 (credit-impaired) exposures, as defined under IFRS 9, divided by total outstanding portfolio. Recovery rate (%) is the percentage of Principal collected for the disbursement cohorts maturing in the quarter after 236 Days of disbursement. Revenues from telecommunications services and from infrastructure (“Telecom and infrastructure revenues” or “Telecom and infra revenues”) are revenues generated by VEON from providing Telecommunications and infrastructure services. Telecommunications 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 owned by VEON, such as towers, fiber- optic lines and solar power generation assets, 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 Telecommunications and infrastructure activities. Directly attributable HQ costs are included in Group Telecommunications / Infra EBITDA. 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 the third quarter of 2025) and “HQ” represents transactions related to management activities within the group in Dubai.
32 3Q26 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 3Q26 3Q25 YoY 3Q26 3Q25 YoY Consolidated VEON Pakistan Rupee PKR 277.8 282.9 1.8% 277.0 281.4 1.6% Customers Ukraine Hryvnia UAH 44.7 41.5 (7.6%) 44.9 41.3 (8.6%) Pakistan Kazakhstan Tenge KZT 462.2 536.2 13.8% 439.4 548.8 19.9% Ukraine Bangladeshi Taka BDT 123.0 121.6 (1.2%) 122.9 121.6 (1.1%) Kazakhstan Uzbekistan Som UZS 11,906.7 12,503.7 4.8% 11,821.2 12,067.8 2.0% Bangladesh Kyrgyzstan Som KGS 87.4 87.4 (0.0%) 87.4 87.4 (0.1%) Uzbekistan Russian Ruble RUB 81.9 80.6 (1.7%) 84.4 82.9 (1.9%) Euro EUR 0.9 0.9 (1.6%) 0.9 0.9 (3.6%) Average rates Closing rates
VEON FINANCIALS (in USD millions, unless stated otherwise) index page VEON Group USD million Revenues 884 916 945 953 942 1,026 1,038 998 1,026 1,086 1,115 1,171 1,201 1,271 1,307 4,004 4,399 Telecommunictions and infrastructure Revenues 771 792 809 801 779 848 844 826 835 864 872 890 898 929 952 3,297 3,460 Digital Revenues 113 123 136 152 163 178 194 172 192 222 244 281 303 342 355 316 424 EBITDA 385 415 444 367 386 459 438 408 439 520 524 527 517 552 577 1,691 2,009 Telecom and infrastructure EBITDA 324 348 370 296 299 372 360 360 376 448 441 424 417 434 449 1,391 1,689 Digital EBITDA 62 67 74 70 87 87 77 49 63 71 83 103 100 118 128 100 134 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% 43.0% 43.4% 44.1% 42.2% 45.7% Telecommunications and infrastructure EBITDA margin (%) 42.0% 43.9% 45.8% 37.0% 38.4% 43.9% 42.7% 43.5% 45.1% 51.9% 50.6% 47.6% 46.4% 46.7% 47.2% 42.2% 48.8% Digital EBITDA (margin) 54.4% 54.3% 54.6% 46.3% 53.2% 48.9% 39.9% 28.3% 32.7% 32.0% 34.0% 36.8% 33.0% 34.6% 36.0% 31.5% 31.5% Depreciation and Amortisation (181) (184) (187) (182) (184) (179) (181) (183) (198) (196) (205) (203) (209) (225) (230) (728) (802) Impairment 4 7 1 (6) (1) (1) (1) (1) (2) (1) (3) (3) (2) (2) (3) (3) (9) Listing expense - - - - - - - - - - (162) - - - - 0 (162) Gain on disposal of non-current assets 0 1 1 44 (0) (1) (0) 7 0 (1) 1 1 0 5 31 5 2 Gain on disposal of subsidiaries (3) 3 (0) 0 0 - 146 (1) - 498 (97) (1) - 19 30 145 400 EBIT 205 242 259 223 201 278 402 230 239 819 59 321 306 349 405 1,110 1,439 Net foreign exchange gain / loss (48) 57 39 32 24 (35) 3 17 (30) (21) (7) 17 15 (2) 26 9 41- Net finance costs (124) (123) (116) (107) (121) (107) (112) (107) (109) (118) (132) (125) (132) (136) (154) (446) (483) Other non-operating gain, net 2 12 2 4 17 5 4 7 30 1 (4) (158) (6) (10) 28 33 (130) Profit before tax 36 188 184 152 119 141 295 148 130 682 (83) 55 182 201 305 704 785 Income tax expense (23) (40) (53) (64) (41) (52) (69) (55) (13) (74) (44) (63) (60) (61) (80) (217) (193) Effective tax rate (%) 63.7% 21.5% 28.6% 42.0% 34.6% 36.7% 23.3% 37.1% 9.7% 10.8% -52.8% 114.3% 32.8% 30.3% 26.1% 30.8% 24.7% Profit after tax 360 271 469 (3,549) 78 89 226 93 118 608 (127) (8) 123 140 225 487 591 Minority (17) (21) (20) (19) (21) (21) (18) (13) (19) (12) (4) (23) (24) (18) (38) (72) (59) VEON Share 342 251 448 (3,569) 57 68 209 81 99 596 (131) (31) 99 122 188 414 532 EPS per ADS (basic) 0.81 0.97 2.94 1.15 1.40 8.56 (1.91) (0.45) 1.42 1.75 2.74 5.87 7.62 EPS per ADS (diluted) 0.79 0.94 2.86 1.10 1.36 8.30 (1.84) (0.44) 1.39 1.69 2.67 5.73 7.42 WANS (basic)1 1,756 1,761 1,777 1,747 1,767 1,741 1,719 1,730 1,740 1,742 1,713 1,770 1,746 WANS (diluted)1 1,789 1,810 1,829 1,835 1,818 1,796 1,781 1,777 1,785 1,773 1,756 1,811 1,794 Capex 90 171 131 258 124 181 198 322 135 231 223 341 138 198 225 826 930 LTM Capex / LTM Revenue (LTM) 20.2% 19.6% 17.8% 17.6% 18.2% 18.0% 19.2% 20.6% 20.4% 21.4% 21.6% 21.2% 20.4% 18.9% 18.2% 20.6% 21.2% Cash capex (excl. license payments) (149) (152) (164) (148) (207) (181) (171) (184) (205) (203) (194) (261) (264) (201) (208) (743) (863) Unlevered free cash flow 187 182 235 243 194 174 221 236 236 275 495 309 385 265 401 826 1,315 Free Cash Flow before lease payments and licenses 101 21 179 112 102 65 141 131 186 153 430 192 309 162 339 439 960 Free Cash Flow after lease payments and licenses (27) (47) 118 68 58 (41) 43 64 142 75 303 104 246 74 201 124 624 1. The common share to American Depositary Share (ADS) ratio is 25 common shares to 1 ADS. 1Q23 2Q23 3Q23 4Q23 3Q261Q264Q24 4Q251Q24 2Q26 FY24 FY251Q253Q242Q24 2Q25 3Q25
VEON OPERATIONAL METRICS index page Telecom Metrics (in millions) Mobile customers 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Pakistan 73.7 71.2 70.5 70.6 71.7 71.7 71.6 71.5 73.4 73.9 72.7 73.9 74.9 75.4 76.4 70.6 71.5 73.9 Bangladesh 38.7 39.1 39.9 40.4 41.0 41.0 37.8 35.8 35.0 34.8 34.7 34.4 34.4 35.0 34.9 40.4 35.8 34.4 Ukraine 24.3 24.1 24.1 23.9 23.9 23.9 23.3 23.0 22.7 22.4 22.5 22.4 22.0 21.8 21.7 23.9 23.0 22.4 Kazakhstan 10.6 10.8 11.0 11.1 11.2 11.2 11.6 11.6 11.6 11.7 11.9 11.8 11.7 11.7 11.8 11.1 11.6 11.8 Uzbekistan 8.4 8.6 8.7 8.4 8.2 8.2 8.2 8.3 8.2 7.9 7.7 7.7 7.6 7.7 7.4 8.4 8.3 7.7 Other 2.0 1.9 1.9 1.9 1.8 1.8 1.7 1.7 1.6 1.6 - - - - - 1.9 1.7 - Total 157.7 155.8 156.1 156.2 157.8 157.8 154.2 152.0 152.4 152.3 149.5 150.2 150.5 151.5 152.3 156.2 152.0 150.2 Fixed-line customers 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Pakistan - - - - - - - - - - - - - - - - - - Bangladesh - - - - - - - - - - - - - - - - - - Ukraine - - - - 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.3 - 1.2 1.2 Kazakhstan 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.7 0.8 0.8 0.8 0.8 0.8 0.7 0.8 0.8 Uzbekistan - - - - - - - - - - - - - - - - - - Total 0.7 0.7 0.7 0.7 1.9 1.9 1.9 1.9 1.9 1.9 2.0 2.0 2.1 2.1 2.2 0.7 1.9 2.0 LTE users 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Pakistan 43.1 42.4 43.2 43.9 45.9 45.9 49.4 50.6 53.3 54.6 55.1 55.5 57.1 58.1 59.5 43.9 50.6 55.5 Bangladesh 17.4 18.1 19.6 20.1 21.5 21.5 19.3 18.0 17.9 18.2 18.7 18.4 18.7 19.2 19.0 20.1 18.0 18.4 Ukraine 13.3 13.6 14.2 14.9 15.0 15.0 14.6 14.5 14.3 14.4 15.0 15.4 15.3 15.3 15.5 14.9 14.5 15.4 Kazakhstan 7.3 7.7 8.0 8.1 8.4 8.4 8.9 8.8 8.8 8.8 9.1 9.0 8.7 8.7 9.7 8.1 8.8 9.0 Uzbekistan 5.7 6.0 6.1 6.2 6.1 6.1 6.1 6.1 6.0 5.8 5.8 5.9 5.9 5.6 5.4 6.2 6.1 5.9 Other 1.3 0.5 1.2 1.2 1.4 1.4 1.3 1.3 1.2 1.3 - - - - - 1.2 1.3 - Total 88.1 88.1 92.3 94.2 98.3 98.3 99.7 99.2 101.5 103.1 103.7 104.2 105.8 106.9 109.1 94.2 99.2 104.2 LTE subscriber base penetration 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Pakistan 58.5% 59.5% 61.2% 62.1% 64.0% 64.0% 69.1% 70.7% 72.6% 73.9% 75.7% 75.2% 76.3% 77.1% 77.9% 62.1% 70.7% 75.2% Bangladesh 45.1% 46.2% 49.1% 49.6% 52.3% 52.3% 51.2% 50.2% 51.0% 52.3% 54.1% 53.3% 54.5% 54.9% 54.3% 49.6% 50.2% 53.3% Ukraine 54.6% 56.2% 58.8% 62.2% 62.7% 62.7% 62.6% 62.8% 63.1% 64.5% 66.5% 68.7% 69.6% 70.3% 71.5% 62.2% 62.8% 68.7% Kazakhstan 68.7% 71.0% 72.6% 73.3% 75.6% 75.6% 76.7% 76.0% 75.8% 75.3% 76.7% 75.8% 74.6% 74.7% 81.9% 73.3% 76.0% 75.8% Uzbekistan 67.9% 69.3% 70.6% 73.1% 73.9% 73.9% 74.2% 73.6% 73.9% 74.2% 75.2% 77.0% 77.4% 72.7% 72.7% 73.1% 73.6% 77.0% Other 66.1% 26.6% 65.6% 64.3% 75.3% 75.3% 75.0% 76.5% 73.9% 78.4% - - - - - 64.3% 76.5% - Total 55.9% 56.6% 59.1% 60.3% 62.3% 62.3% 64.6% 65.3% 66.6% 67.7% 69.4% 69.4% 70.3% 70.6% 71.6% 60.3% 65.3% 69.4% Multiplay customers 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Pakistan 13.6 13.5 14.4 17.0 17.1 17.1 17.8 21.2 22.7 22.3 22.8 23.7 23.8 22.9 23.2 17.0 21.2 23.7 Bangladesh 4.7 5.1 5.3 5.2 5.2 5.2 4.7 4.8 5.6 6.3 6.1 5.9 6.3 6.7 5.9 5.2 4.8 5.9 Ukraine 3.2 3.4 3.6 4.1 4.3 4.3 5.3 6.1 6.1 6.5 6.6 7.3 8.1 8.1 8.1 4.1 6.1 7.3 Kazakhstan 3.4 3.5 3.8 4.0 3.8 3.8 3.9 4.2 4.2 4.3 4.2 4.3 4.2 4.2 4.3 4.0 4.2 4.3 Uzbekistan 2.6 2.6 2.8 3.5 3.4 3.4 3.2 3.6 3.5 3.4 3.7 3.8 3.5 3.4 3.2 3.5 3.6 3.8 Other 0.6 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 - - - - - 0.4 0.4 - Total 28.1 28.5 30.3 34.3 34.2 34.2 35.3 40.3 42.7 43.3 43.5 45.0 45.8 45.3 44.7 34.3 40.3 45.0 ARPU (in USD) Mobile ARPU (total base) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Pakistan 0.8 0.8 0.8 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.1 1.1 1.1 1.2 1.2 0.8 1.0 1.1 Bangladesh 1.2 1.2 1.2 1.1 1.1 1.1 1.0 1.0 1.0 1.1 1.0 1.0 1.0 1.0 0.9 1.2 1.1 1.0 Ukraine 2.7 2.8 2.9 2.6 2.3 2.3 3.1 3.1 3.2 3.4 3.5 3.6 3.6 3.7 3.8 2.8 2.8 3.4 Kazakhstan 3.7 4.0 4.4 4.2 4.4 4.4 4.2 4.0 3.9 4.0 3.9 3.7 3.9 3.9 4.0 4.1 4.3 3.8 Uzbekistan 2.3 2.3 2.3 2.6 2.4 2.4 2.6 2.5 2.5 2.6 2.7 2.9 2.9 2.9 3.0 2.4 2.4 2.7 Total 1.5 1.5 1.6 1.6 1.5 1.5 1.6 1.6 1.6 1.7 1.7 1.7 1.8 1.8 1.8 1.5 1.6 1.7 Multiplay ARPU 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Pakistan 2.0 2.0 2.1 2.2 2.2 2.2 2.3 2.3 2.3 2.3 2.4 2.4 2.6 2.7 2.9 1.9 2.1 2.3 Bangladesh 2.6 2.8 2.8 2.8 2.7 2.7 2.6 2.5 2.5 2.4 2.3 2.3 2.3 2.3 2.2 2.8 2.6 2.6 Ukraine 4.1 4.5 4.4 4.0 3.6 3.6 4.6 4.4 4.8 5.0 5.3 5.2 5.3 5.8 5.9 3.9 4.2 4.9 Kazakhstan 5.6 6.5 7.1 6.8 7.5 7.5 7.8 7.5 7.5 7.6 7.3 7.3 7.5 8.4 8.6 6.4 7.4 7.5 Uzbekistan 4.1 4.3 4.0 4.2 3.9 3.9 4.1 4.0 4.1 4.3 4.5 4.7 4.6 5.0 5.1 3.7 3.8 4.3 Total 3.0 3.2 3.3 3.3 3.2 3.2 3.5 3.4 3.4 3.4 3.5 3.5 3.6 3.9 4.0 3.0 3.2 3.5 Digital Metrics (in millions) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 VEON Financial Services 29.9 31.8 33.7 37.1 40.0 40.7 42.1 59.9 61.3 60.6 59.7 37.1 59.9 VEON Digital Life: Entertainment 33.6 43.2 30.4 40.9 40.5 39.1 62.0 87.0 93.2 93.1 80.8 40.9 87.0 Ride-Hailing n.a n.a n.a n.a n.a 3.5 3.6 5.1 5.1 5.2 5.4 n.a 5.1 Premium digital brands 0.9 1.1 1.3 2.5 1.8 2.3 3.3 5.9 6.8 6.6 6.9 2.5 5.9 Healthcare 3.6 3.4 3.5 3.5 3.9 3.7 3.8 7.5 14.3 16.2 16.4 3.5 7.5 Others (SuperApps, Marketplace & Education) 37.1 37.8 37.9 43.3 45.1 44.6 44.4 61.9 67.5 69.6 74.4 43.3 61.9 Total Digital Customers 1 99.7 111.7 102.9 121.6 125.1 119.7 143.3 202.9 224.9 228.2 221.1 121.6 202.9 1 Digital customers refer to active users in the last month of the reporting period from 1Q24-3Q25. 4Q25 onwards, digital customers refer to active users in the quarter.
PAKISTAN index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Total revenue 269 271 279 299 321 347 359 356 386 395 405 438 465 500 522 1,119 1,382 1,624 Telecom & Infrastrcuture 213 210 204 214 227 242 246 243 257 262 266 283 293 307 313 842 958 1,067 Digital 57 61 75 85 94 105 113 112 129 133 139 156 172 193 209 278 424 556 EBITDA 122 128 124 129 143 158 149 134 162 164 186 200 209 216 235 502 584 712 Telecom + Infrastrcuture revenue 125 132 147 147 159 154 161 550 Digital revenue 37 32 39 53 50 63 74 162 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% 45.0% 43.3% 45.0% 44.9% 42.3% 43.9% Telecom + Infrastrcuture revenue 48.6% 50.3% 55.1% 52.0% 54.2% 50.2% 51.5% 51.5% Digital revenue 28.8% 24.2% 28.3% 34.3% 29.3% 32.3% 35.2% 29.1% EBIT (Operating profit) 66 78 74 77 90 103 93 78 104 175 102 134 141 143 159 295 363 515 CAPEX 14 36 23 57 19 52 48 74 34 57 44 74 31 73 75 130 194 209 (in Local Currency billions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Total revenue 69.7 77.6 81.5 84.7 89.7 96.5 99.9 98.8 107.9 111.2 114.5 123.1 130.1 139.4 144.9 314 385 457 Telecom + Infrastrcuture revenue 55.0 60.1 59.6 60.7 63.5 67.3 68.5 67.6 71.8 73.8 75.2 79.4 82.1 85.5 86.8 235 267 300 Digital revenue 14.7 17.5 21.9 24.0 26.1 29.2 31.5 31.2 36.1 37.4 39.3 43.7 48.0 53.9 58.1 78 118 156 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 58.6 60.3 65.2 141 163 200 Telecom + Infrastrcuture revenue 34.9 37.2 41.5 41.3 44.5 42.9 44.7 155 Digital revenue 10.4 9.1 11.1 15.0 14.1 17.4 20.5 46 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% 45.0% 43.3% 45.0% 44.9% 42.3% 43.9% Telecom + Infrastrcuture revenue 48.6% 50.3% 55.1% 52.0% 54.2% 50.2% 51.5% 51.6% Digital revenue 28.8% 24.3% 28.4% 34.3% 29.3% 32.3% 35.2% 29.1% 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 39.3 39.7 44.2 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 8.8 20.4 20.9 37 54 59 Telecom Metrics 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Mobile customers (mn) 73.7 71.2 70.5 70.6 71.7 71.4 71.6 71.5 73.4 73.9 72.7 73.9 74.9 75.4 76.4 70.6 71.5 73.9 4G / 5G customers (mn) 43.1 42.4 43.2 43.9 45.9 45.9 49.4 50.6 53.3 54.6 55.1 55.5 57.1 58.1 59.5 43.9 50.6 55.5 Multiplay customers (mn) 13.6 13.5 14.4 17.0 17.1 17.1 17.8 21.2 22.7 22.3 22.8 23.7 23.8 22.9 23.2 17.0 21.2 23.7 Mobile ARPU (USD) 0.8 0.8 0.8 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.1 1.1 1.1 1.2 1.2 n.a. n.a. n.a. Mobile ARPU (PKR) 213.2 235.5 246.3 248.3 256.0 267.7 270.2 270.7 282.0 288.3 298.8 307.1 317.1 328.6 320.0 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 8,365 8,439 8,554 n.a. n.a. n.a. Churn 3 months active base, annualised (%) 26% 31% 25% 21% 17% 22% 20% 23% 16% 20% 22% 17% 15% 17% 18% n.a. n.a. n.a. Digital Metrics 1 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Total Digital customers of which 67.3 63.3 59.8 73.0 75.1 72.1 92.4 122.1 142.7 136.0 133.8 73.0 122.1 JazzCash 17.2 17.7 19.2 19.7 20.6 21.1 20.6 27.0 29.2 29.5 30.4 19.7 27.0 SIMOSA 14.9 15.2 15.4 19.0 20.9 21.2 21.8 29.5 34.0 33.8 36.3 19.0 29.5 Tamasha 12.0 18.0 10.6 17.1 16.5 12.1 31.8 33.7 48.9 38.7 33.9 17.1 33.7 ROX 0.2 0.4 0.5 1.0 0.7 0.8 1.2 3.1 3.5 3.3 3.3 1.0 3.1 FikrFree2 5.2 5.7 6.0 6.5 9.0 9.8 10.5 17.7 18.0 17.9 16.8 6.5 17.7 Additional KPI's 4G network coverage 66% 66% 67% 67% 67% 67% 67% 69% 70% 71% 72% 72% 72% 73% 77% 67% 69% 72% 4G / 5G mobile customer penetration (3 Months active) 58% 59% 61% 62% 64% 66% 69% 71% 73% 74% 76% 75% 76% 77% 78% 62% 71% 75% Notes: 1. Digital customers refer to active users in the last month of the reporting period from 1Q24-3Q25. 4Q25 onwards, digital customers refer to active users in the quarter. 2. For FikrFree, the numbers refer to unique policy holders in the quarter and includes prior period adjustments.
Ukraine index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Total revenue 228 235 238 217 188 236 250 251 257 286 299 322 325 341 352 919 925 1,164 Telecom & Infrastrcuture 216 221 226 203 174 221 232 232 238 245 254 261 258 268 276 867 859 999 Digital 12 14 12 13 14 15 18 19 19 40 45 61 67 74 76 52 66 165 EBITDA 135 139 152 116 95 140 144 140 143 166 171 170 174 189 190 541 518 650 Telecom + Infrastrcuture revenue 133 149 154 151 145 158 159 587 Digital revenue 9 18 18 19 29 31 31 64 EBITDA margin (%) 59.0% 59.1% 63.6% 53.5% 50.5% 59.2% 57.7% 55.6% 55.6% 58.2% 57.2% 52.8% 53.4% 55.5% 54.0% 58.9% 56.1% 55.9% Telecom + Infrastrcuture revenue 56.0% 60.5% 60.4% 57.8% 56.2% 59.2% 57.6% 58.7% Digital revenue 49.8% 43.8% 39.4% 31.4% 42.7% 42.1% 40.7% 38.7% EBIT (Operating profit) 100 103 109 77 55 104 106 103 100 119 -43 118 118 134 127 389 368 294 CAPEX 21 38 44 70 28 57 64 102 58 95 102 139 71 66 72 174 251 395 (in Local Currency millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 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 14,087 15,081 15,713 33,588 37,274 48,523 Telecom + Infrastrcuture revenue 7,904 8,099 8,256 7,434 6,653 8,824 9,536 9,609 9,932 10,186 10,565 10,973 11,167 11,826 12,321 31,693 34,622 41,656 Digital revenue 442 511 455 487 516 602 731 805 788 1,671 1,864 2,544 2,919 3,255 3,391 1,895 2,652 6,867 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 7,525 8,367 8,482 19,775 20,925 27,103 Telecom + Infrastrcuture revenue 5,562 6,166 6,380 6,337 6,278 6,996 7,100 24,446 Digital revenue 393 732 735 799 1,247 1,371 1,381 2,658 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% 53.4% 55.5% 54.0% 58.9% 56.1% 55.9% Telecom + Infrastrcuture revenue 56.0% 60.5% 60.4% 57.7% 56.2% 59.2% 57.6% 58.7% Digital revenue 49.8% 43.8% 39.4% 31.4% 42.7% 42.1% 40.7% 38.7% 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 5,126 5,925 5,667 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 3,080 2,937 3,229 6,364 10,225 16,461 Telecom Metrics 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Mobile customers (mn) 24.3 24.1 24.1 23.9 23.9 23.9 23.3 23.0 22.7 22.4 22.5 22.4 22.0 21.8 21.7 23.9 23.0 22.4 4G customers (mn) 13.3 13.6 14.2 14.9 15.0 15.0 14.6 14.5 14.3 14.4 15.0 15.4 15.3 15.3 15.5 14.9 14.5 15.4 Multiplay customers (mn) 3.2 3.4 3.6 4.1 4.3 4.3 5.3 6.1 6.1 6.5 6.6 7.3 8.1 8.1 8.1 4.1 6.1 7.3 Mobile ARPU (USD) 2.7 2.8 2.9 2.6 2.3 2.9 3.1 3.1 3.2 3.5 3.7 3.8 3.8 3.9 4.0 n.a. n.a. n.a. Mobile ARPU (UAH) 100.2 104.2 106.4 96.4 86.5 116.2 127.9 129.4 134.5 146.0 153.1 161.1 166.5 172.7 178.9 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 15,231 15,210 15,913 n.a. n.a. n.a. Churn 3 months active base, annualised (%) 19% 14% 13% 14% 11% 20% 16% 18% 16% 15% 10% 13% 16% 14% 12% n.a. n.a. n.a. Digital Metrics1 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Total Digital customers of which 7.7 8.8 9.0 10.6 10.3 13.4 13.5 20.8 28.4 29.3 29.5 10.6 20.8 My Kyivstar 4.2 5.1 5.1 6.2 5.6 5.4 5.2 7.8 8.7 9.2 8.9 6.2 7.8 Helsi 2.1 2.2 2.4 2.4 2.7 2.5 2.5 4.8 4.9 5.0 5.2 2.4 4.8 Kyivstar TV 1.4 1.6 1.6 2.0 2.0 2.0 2.1 3.1 3.4 3.6 3.5 2.0 3.1 Uklon n.a n.a n.a n.a n.a 3.5 3.6 5.1 5.1 5.2 5.4 n.a 5.1 Tabletki n.a n.a n.a n.a n.a n.a n.a n.a 6.3 6.3 6.6 n.a n.a Additional KPI's 4G network coverage 94% 94% 95% 95% 95% 95% 96% 96% 96% 96% 96% 96% 96% 96% 96% 95% 96% 96% 4G mobile customer penetration (3 Months active) 55% 56% 59% 62% 63% 63% 63% 63% 63% 65% 67% 69% 70% 70% 71% 62% 63% 69% Notes: 1. Digital customers refer to active users in the last month of the reporting period from 1Q24-3Q25. 4Q25 onwards, digital customers refer to active users in the quarter.
Kazakhstan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Total revenue 175 188 204 208 214 224 224 193 188 201 213 215 212 226 230 775 854 816 Telecom & Infrastrcuture 140 150 165 166 169 179 171 161 157 168 178 175 176 181 189 621 680 679 Digital 35 38 39 42 45 45 52 31 31 33 35 39 36 45 41 153 174 138 EBITDA 92 104 118 107 118 125 106 93 95 100 115 99 91 89 94 421 442 408 Telecom + Infrastrcuture revenue 80 84 96 78 78 74 77 338 Digital revenue 14 16 19 21 13 15 17 70 EBITDA margin (%) 52.5% 55.4% 57.6% 51.5% 55.3% 55.8% 47.3% 48.3% 50.8% 49.6% 53.9% 46.0% 42.9% 39.4% 40.6% 54.3% 51.8% 50.0% Telecom + Infrastrcuture revenue 51.1% 49.7% 53.9% 44.4% 44.1% 40.9% 40.6% 49.8% Digital revenue 49.1% 49.2% 54.0% 52.9% 36.7% 33.5% 40.5% 50.9% EBIT (Operating profit) 67 84 92 81 92 97 78 66 56 70 85 68 57 52 86 325 332 280 CAPEX 16 26 33 92 19 31 56 73 24 44 57 76 18 28 47 166 178 201 (in Local Currency millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Total revenue 79,417 84,452 93,026 96,667 96,397 100,315 106,830 96,347 95,726 103,466 113,969 112,522 105,592 107,388 106,471 353,562 399,889 425,684 Telecom + Infrastrcuture revenue 63,638 67,536 75,167 77,232 76,193 79,964 81,917 80,611 80,058 86,494 95,394 91,959 87,545 85,874 87,338 283,573 318,685 353,906 Digital revenue 15,779 16,916 17,859 19,435 20,204 20,351 24,913 15,737 15,668 16,972 18,576 20,563 18,047 21,514 19,133 69,989 81,205 71,778 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 45,243 42,345 43,245 192,067 206,368 213,070 Telecom + Infrastrcuture revenue 41,267 42,971 51,372 40,870 38,629 35,126 35,497 176,480 Digital revenue 7,315 8,355 10,044 10,876 6,615 7,219 7,748 36,590 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% 42.8% 39.4% 40.6% 54.3% 51.6% 50.1% Telecom + Infrastrcuture revenue 51.5% 49.7% 53.9% 44.4% 44.1% 40.9% 40.6% 49.9% Digital revenue 46.7% 49.2% 54.1% 52.9% 36.7% 33.6% 40.5% 51.0% 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 28,133 24,793 39,264 148,243 154,837 146,785 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 8,725 13,499 21,664 75,927 85,686 104,736 Telecom Metrics 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Mobile customers (mn) 10.6 10.8 11.0 11.1 11.2 11.2 11.6 11.6 11.6 11.7 11.9 11.8 11.7 11.7 11.8 11.1 11.6 11.8 4G customers (mn) 7.3 7.7 8.0 8.1 8.4 8.4 8.9 8.8 8.8 8.8 9.1 9.0 8.7 8.7 9.7 8.1 8.8 9.0 Multiplay customers (mn) 3.4 3.5 3.8 4.0 3.8 3.8 3.9 4.2 4.2 4.3 4.2 4.3 4.2 4.2 4.3 4.0 4.2 4.3 Mobile ARPU (USD) 3.7 4.0 4.4 4.2 4.4 4.5 4.2 4.0 3.9 4.0 3.9 3.7 3.9 3.9 4.0 n.a. n.a. n.a. Mobile ARPU (KZT) 1,688 1,790 1,986 1,964 1,967 2,018 1,995 1,978 1,974 2,032 2,065 1,947 1,915 1,865 1,847 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 23,415 23,462 20,985 n.a. n.a. n.a. Churn 3 months active base, annualised (%) 25% 19% 20% 25% 22% 19% 20% 24% 25% 21% 27% 30% 31% 26% 17% n.a. n.a. n.a. Digital Metrics1 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Total Digital customers of which 10.7 11.6 12.5 13.8 13.4 13.0 13.9 21.3 20.9 19.9 19.2 13.8 21.3 Janymda 4.4 4.6 4.7 4.9 4.9 4.7 4.7 6.5 6.4 6.1 6.0 4.9 6.5 Simply 1.4 1.7 2.3 3.2 3.3 3.2 3.8 5.3 5.2 5.3 5.0 3.2 5.3 BeeTV 0.9 0.9 0.9 1.0 0.9 0.9 0.9 1.6 2.1 2.4 2.0 1.0 1.6 IZI 0.5 0.6 0.6 0.7 0.6 0.7 0.9 1.6 1.8 1.7 1.8 0.7 1.6 Additional KPI's 4G network coverage 88% 88% 89% 89% 89% 90% 90% 92% 92% 92% 92% 93% 93% 93% 93% 89% 92% 93% 4G mobile customer penetration (3 Months active) 69% 71% 73% 73% 76% 76% 77% 76% 76% 75% 77% 76% 75% 75% 82% 73% 76% 76% Notes: 1. Digital customers refer to active users in the last month of the reporting period from 1Q24-3Q25. 4Q25 onwards, digital customers refer to active users in the quarter.
Bangladesh index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Total revenue 138 144 146 141 141 141 123 115 111 117 117 115 116 120 118 570 520 460 Telecom & Infrastrcuture 134 140 142 137 136 134 118 113 110 112 104 102 102 104 102 553 502 428 Digital 4 4 4 5 5 7 5 2 2 5 13 13 14 17 15 17 18 32 EBITDA 50 54 56 53 44 52 50 34 38 88 49 51 46 49 49 214 180 226 Telecom + Infrastrcuture revenue 41 87 44 45 43 44 44 217 Digital revenue (3) 1 6 6 4 5 5 9 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% 40.0% 41.0% 41.6% 37.6% 34.7% 49.2% Telecom + Infrastrcuture revenue 37.5% 78.0% 42.0% 44.4% 41.7% 42.6% 43.4% 50.8% Digital revenue n.m 19.6% 42.6% 43.9% 27.7% 31.1% 29.5% 27.0% EBIT (Operating profit) (4) (0) 5 43 (7) 3 2 (8) (8) 41 3 8 6 9 9 45 (10) 43 CAPEX 30 37 20 18 14 21 17 17 7 6 7 19 9 13 21 105 68 38 (in Local Currency millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Total revenue 14,619 15,409 15,882 15,579 15,438 16,031 14,546 13,765 13,519 14,203 14,197 14,003 14,179 14,782 14,466 61,490 59,780 55,922 Telecom + Infrastrcuture revenue 14,184 15,013 15,449 15,046 14,901 15,261 13,995 13,559 13,319 13,628 12,629 12,445 12,484 12,732 12,587 59,691 57,715 52,021 Digital revenue 435 397 433 533 537 770 552 206 200 575 1,569 1,558 1,696 2,050 1,879 1,799 2,065 3,901 EBITDA 5,305 5,817 6,108 5,883 4,809 5,974 5,866 4,106 4,577 10,739 5,970 6,215 5,673 6,055 6,012 23,113 20,755 27,502 Telecom + Infrastrcuture revenue 4,990 10,626 5,302 5,531 5,203 5,418 5,458 26,449 Digital revenue (413) 113 668 685 470 637 554 1,053 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% 40.0% 41.0% 41.6% 37.6% 34.7% 49.2% Telecom + Infrastrcuture revenue 37.5% 78.0% 42.0% 44.4% 41.7% 42.6% 43.4% 50.8% Digital revenue n.m 19.7% 42.6% 43.9% 27.7% 31.1% 29.5% 27.0% EBIT (Operating profit) (402) (24) 570 4,771 (789) 372 265 (982) (979) 5,001 323 923 751 1,107 1,084 4,915 (1,134) 5,268 CAPEX 3,138 3,981 2,171 1,977 1,554 2,356 2,009 1,980 816 705 845 2,272 1,136 1,636 2,590 11,268 7,899 4,638 Telecom Metrics 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Mobile customers (mn) 38.7 39.1 39.9 40.4 41.0 41.0 37.8 35.8 35.0 34.8 34.7 34.4 34.4 35.0 34.9 40.4 35.8 34.4 4G customers (mn) 17.4 18.1 19.6 20.1 21.5 21.5 19.3 18.0 17.9 18.2 18.7 18.4 18.7 19.2 19.0 20.1 18.0 18.4 Multiplay customers (mn) 4.7 5.1 5.3 5.2 5.2 5.2 4.7 4.8 5.6 6.3 6.1 5.9 6.3 6.7 5.9 5.2 4.8 5.9 Mobile ARPU (USD) 1.2 1.2 1.2 1.1 1.1 1.1 1.0 1.0 1.0 1.1 1.0 1.0 1.0 1.0 0.9 n.a. n.a. n.a. Mobile ARPU (BDT) 121.9 126.4 128.0 122.9 120.6 122.2 116.5 121.2 123.6 128.4 119.4 118.3 118.5 120.2 114.7 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 7,647 8,301 7,869 n.a. n.a. n.a. Churn 3 months active base, annualised (%) 26% 27% 32% 38% 37% 31% 43% 25% 12% 10% 15% 20% 19% 13% 24% n.a. n.a. n.a. Digital Metrics1 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Total Digital customers of which 17.8 20.8 14.1 14.8 16.9 12.9 15.8 26.4 21.0 32.1 27.7 14.8 26.4 MyBL 8.1 8.1 7.6 7.8 7.8 8.3 8.3 11.4 10.9 10.7 10.4 7.8 11.4 Toffee 9.2 12.3 6.1 6.6 8.9 4.4 7.3 14.6 9.5 20.6 16.3 6.6 14.6 Ryze 0.0 0.0 0.0 0.2 0.2 0.2 0.2 0.4 0.6 0.8 1.0 0.2 0.4 Additional KPI's 4G network coverage 82% 83% 86% 87% 88% 89% 90% 92% 92% 92% 92% 93% 93% 92% 92% 87% 92% 93% 4G mobile customer penetration (3 Months active) 45% 46% 49% 50% 52% 52% 51% 50% 51% 52% 54% 53% 54% 55% 54% 50% 50% 53% Notes: 1. Digital customers refer to active users in the last month of the reporting period from 1Q24-3Q25. 4Q25 onwards, digital customers refer to active users in the quarter.
Uzbekistan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Total revenue 63 66 65 75 67 67 70 70 73 75 77 83 82 84 86 269 273 308 Telecom & Infrastrcuture 59 60 60 69 61 61 64 64 63 65 66 70 69 71 72 247 251 263 Digital 5 6 4 6 5 5 6 6 10 10 12 13 13 13 14 21 22 45 EBITDA 28 27 23 34 24 24 25 27 27 28 27 33 30 31 31 112 100 115 Telecom + Infrastrcuture revenue 24 26 26 29 26 27 29 104 Digital revenue 3 3 1 4 3 4 2 11 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% 36.2% 36.8% 35.7% 41.8% 36.8% 37.5% Telecom + Infrastrcuture revenue 38.5% 39.7% 38.9% 41.6% 38.4% 37.4% 39.8% 39.7% Digital revenue 33.9% 26.4% 9.4% 29.6% 24.9% 33.5% 14.4% 24.6% EBIT (Operating profit) 25 16 12 25 15 10 12 16 13 14 11 21 18 16 16 78 53 60 CAPEX 8 28 8 17 42 17 10 50 9 29 11 32 9 16 9 61 119 81 (in Local Currency billions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Total revenue 720 750 768 921 830 843 886 896 939 958 968 1,002 1,001 1,009 1,023 3,158 3,454 3,866 Telecom + Infrastrcuture revenue 667 683 716 842 764 775 816 816 809 830 823 844 837 854 858 2,908 3,171 3,306 Digital revenue 53 67 53 78 66 68 70 80 130 128 145 158 164 155 164 251 284 560 EBITDA 320 312 275 412 305 298 316 352 355 363 334 398 362 372 365 1,319 1,271 1,450 Telecom + Infrastrcuture revenue 311 330 320 351 321 320 342 1,312 Digital revenue 44 34 14 47 41 52 24 138 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% 36.2% 36.8% 35.7% 41.8% 36.8% 37.5% Telecom + Infrastrcuture revenue 38.5% 39.7% 38.9% 41.6% 38.4% 37.4% 39.8% 39.7% Digital revenue 33.9% 26.4% 9.7% 29.6% 24.9% 33.6% 14.4% 24.7% EBIT (Operating profit) 283 184 142 303 188 130 150 199 171 181 144 251 224 196 193 912 668 747 CAPEX 87 326 96 208 527 212 131 644 115 366 139 388 104 193 103 718 1,514 1,008 Telecom Metrics 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Mobile customers (mn) 8.4 8.6 8.7 8.4 8.2 8.2 8.2 8.3 8.2 7.9 7.7 7.7 7.6 7.7 7.4 8.4 8.3 7.7 4G customers (mn) 5.7 6.0 6.1 6.2 6.1 6.1 6.1 6.1 6.0 5.8 5.8 5.9 5.9 5.6 5.4 6.2 6.1 5.9 Multiplay customers (mn) 2.6 2.6 2.8 3.5 3.4 3.4 3.2 3.6 3.5 3.4 3.7 3.8 3.5 3.4 3.2 3.5 3.6 3.8 Mobile ARPU (USD) 2.3 2.3 2.3 2.6 2.4 2.5 2.6 2.5 2.5 2.6 2.7 2.9 2.9 2.9 3.0 n.a. n.a. n.a. Mobile ARPU (UZS) 26,005 26,397 27,156 31,979 30,241 31,121 32,735 32,280 32,133 33,705 34,088 35,274 35,386 35,272 35,139 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 23,672 20,556 23,118 n.a. n.a. n.a. Churn 3 months active base, annualised (%) 45% 40% 45% 47% 38% 40% 42% 45% 58% 67% 64% 56% 51% 19% 40% n.a. n.a. n.a. Digital Metrics1 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 FY23 FY24 FY25 Total Digital customers of which 7.6 7.0 7.3 9.4 7.7 6.4 5.7 12.3 11.9 10.9 10.9 9.4 12.3 Hambi 5.1 4.5 4.8 5.1 3.8 3.4 3.3 5.4 5.4 5.1 4.9 5.1 5.4 Beepul 0.9 1.3 1.3 2.4 2.3 1.5 0.7 1.0 1.0 1.0 0.8 2.4 1.0 Kinom 0.0 0.0 0.0 0.4 0.4 0.5 0.5 2.7 2.0 2.4 2.9 0.4 2.7 OQ 0.2 0.1 0.2 0.6 0.3 0.3 0.4 0.8 0.9 0.8 0.8 0.6 0.8 Additional KPI's 4G network coverage 78% 78% 85% 85% 86% 88% 89% 89% 89% 90% 91% 91% 91% 91% 91% 85% 89% 91% 4G mobile customer penetration (3 Months active) 68% 69% 71% 73% 74% 74% 74% 74% 74% 74% 75% 77% 77% 73% 73% 73% 74% 77% Notes: 1. Digital customers refer to active users in the last month of the reporting period from 1Q24-3Q25. 4Q25 onwards, digital customers refer to active users in the quarter.