6-K - VEON - Equibles

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 May 2023

Commission File Number 1-34694

VEON Ltd.

(formerly VimpelCom Ltd.)

(Translation of registrant’s name into English)

Claude Debussylaan 88, 1082 MD, Amsterdam, the Netherlands

(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 May 4, 2023, the Registrant issued a press release, presentation materials, and supplemental factbook, copies of which are furnished hereto as Exhibits 99.1, 99.2 and 99.3.

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
99.1	Press Release, dated May 4, 2023
99.2	Presentation Materials, dated May 4, 2023
99.3	Supplemental Factbook, dated May 4, 2023

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: May 4, 2023
	By:	/s/ Kaan Terzioğlu
	Name:	Kaan Terzioğlu
	Title:	Chief Executive Officer

veon-1q23tradingupdatefi

FIRST QUARTER 2023 TRADING UPDATE STRONG START TO THE YEAR AS REVENUE GROWTH ACCELERATES

Trading update 1Q23 2 Note: amounts, mobile customers and 4G users on this page exclude Russian operations, which were reclassified as ‘held for sale’ and ‘discontinued operations’ in 4Q22. Total cash and cash equivalents include c.USD 47 million relating to banking operations in Pakistan. 4G USERS +18.2% YoY 55.9% penetration 88 million USD 884 million REVENUE -8.7% YoY +15.3% YoY in local currency SERVICE REVENUE -7.9% YoY +15.9% YoY in local currency CAPEX -49.0% YoY LTM Capex intensity 20.3% USD 852 million USD 90 million TOTAL CASH AND CASH EQUIVALENTS +53.7% YoY USD 2.5 billion at HQ USD 3.0 billion MOBILE CUSTOMERS +0.7% YoY DATA AND DIGITAL REVENUES -5.1% YoY +17.9% YoY in local currency USD 498 million 158 million EBITDA -13.5% YoY +11.2% YoY in local currency USD 385 million 1Q23 HIGHLIGHTS

Trading update 1Q23 3 Amsterdam, 4 May 2023 07:00 CEST – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, announces selected financial and operating results for the first quarter ended 31 March 2023, excluding the results of the Russian operations, as they are classified as ‘held for sale’ and ‘discontinued operations’ as of 24 November 2022. In 1Q23, VEON’s local currency growth continued to accelerate, with total revenues reaching USD 884 million – a decline of 8.7% YoY in reported currency, while local currency performance rose by 15.3% YoY. Service revenues were USD 852 million, -7.9% YoY in reported currency (+15.9% in local currency), and EBITDA was USD 385 million, -13.5% YoY in reported currency (+11.2% YoY in local currency). 1Q23 capex of USD 90 million was 49.0% lower YoY, with capex intensity at 20.3%. Total cash and cash equivalents as of 31 March 2023 were USD 3.0 billion, with USD 2.5 billion held at the headquarters (“HQ”) level. VEON Group USD million 1Q23 1Q22 YoY reported YoY local currency YoY local currency (excl. Ukraine) Total revenue, of which: 884 968 (8.7%) 15.3% 19.0% Total service revenue 852 925 (7.9%) 15.9% 20.1% Data and digital revenues 498 524 (5.1%) 17.9% 25.5% EBITDA 385 446 (13.5%) 11.2% 17.6% Capex 90 177 (49.0%) LTM Capex intensity 20.3% 20.3% 0.0p.p. Cash and cash equivalents 3,040 1,977 53.7% Cash and cash equivalents at HQ level 2,497 1,302 91.8% Net debt 2,709 7,780 (65.2%) Net debt, excluding leases 1,911 5,183 (63.1%) Total customers (millions) 159.5 158.4 0.7% Mobile customers (millions) 157.7 156.6 0.7% 4G users (millions) 88.1 74.5 18.2% 4G subscriber base penetration 55.9% 47.6% 8.3p.p. Fixed-line broadband customers (millions) 1.8 1.8 (0.8%) Note: Cash and cash equivalents and Net debt accounts in 1Q22 include amounts from Russian operations, which in 4Q22 were reclassified as assets and liabilities held for sale and therefore excluded from the corresponding amounts in 1Q23. The first quarter of 2023 was our fifth consecutive quarter of double-digit year-on-year growth in local currency as we continued to accelerate our performance, reaching a 15.3% increase in our topline. Our operating companies continue to successfully execute the Digital Operator strategy, with 13.6 million more 4G users, 34% year-on-year growth in our multiplay base, and higher ARPU levels across the board underpinning our financial results. We also remain focused on financial discipline, and have successfully amended our 2023 Notes and extended their maturities, supporting our liquidity management as we progress on closing the sale of our Russia operations, subject to all closing conditions being satisfied. Kaan Terzioğlu commented on the results: “ “

Trading update 1Q23 4 SALE OF RUSSIAN OPERATIONS On 24 November 2022, VEON Ltd. announced that following a competitive process, it had entered into an agreement to sell its Russian operations. Upon execution of the agreement, the Russian business has been classified as ‘held for sale’ and ‘discontinued operations’, and accounted for as such, in line with the requirements of IFRS 5. The result is that the Russian operations do not contribute to VEON’s comparison base or actual reported results in this press release (except as specifically noted), however, this classification has no impact on balance sheet amounts in prior periods. The transaction is subject to certain closing conditions, including receipt of requisite regulatory approvals and licenses from relevant government authorities. The Company anticipates that the transaction will be completed in accordance with the terms of the Share Purchase Agreement. While the Company continues to target a completion date of on or before 1 June 2023 as contemplated by the Share Purchase Agreement, no assurances can be given that the conditions to closing will be satisfied by this time, in which case the Share Purchase Agreement provides for extensions to allow for the conditions to be met. The table below represents revenue and EBITDA amounts excluding intercompany, that would have been included into VEON Group results, had the Russian operations not been classified as ‘held for sale’ and ‘discontinued operations’. Russia RUB million 1Q23 1Q22 YoY Total revenue 70,271 72,009 (2.4%) Service revenue 64,706 63,338 2.2% EBITDA 30,367 27,667 9.8% EBITDA margin 43.2% 38.4% 4.8p.p. Capex 8,006 16,496 (51.5%) Capex intensity 17.9% 26.1% (8.2p.p.) Mobile Total operating revenue 58,982 61,652 (4.3%) Service revenue 53,661 53,019 1.2% Customers (mln) 44.0 48.5 (9.2%) Data users (mln) 30.9 33.2 (7.0%) 4G smartphone users (mln) 29.4 30.0 (2.2%) 4G users (mln) 25.1 25.3 (0.6%) ARPU (RUB) 400 360 11.2% MOU (min) 299 305 (1.9%) Data usage (GB/user) 19.0 15.6 21.9% 4G coverage 91.0% 90.0% 1.0p.p. Fixed-line Total operating revenue 11,289 10,357 9.0% Service revenue 11,046 10,319 7.0% Broadband revenue 3,299 3,135 5.2% Broadband customers (mln) 2.9 3.0 (1.8%) Broadband ARPU (RUB) 377 354 6.6% PURCHASE OF GROUP DEBT During the quarter, VEON was informed that PJSC VimpelCom Russia independently concluded the purchase of USD 1.6 billion of VEON Holdings notes in order to satisfy certain Russian regulatory obligations. These notes were reclassified to Intercompany debt with the equivalent reduction in gross debt for VEON Group. PJSC VimpelCom has funded the purchase primarily by issuing new ruble-denominated notes of longer maturity.

Trading update 1Q23 5 NOTICE TO READERS: IMPACT OF THE CONFLICT VEON's results and other financial information presented in these financial statements are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") based on internal management reporting, are the responsibility of management, and have not been externally audited, reviewed, or verified. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for any future period. The ongoing conflict between Russia and Ukraine and the sanctions imposed by the United States, member states of the European Union, the European Union itself, the United Kingdom, Ukraine and certain other nations, counter-sanctions by Russia and other legal and regulatory responses, as well as responses by our service providers, partners, suppliers and other counterparties, and the consequences of all of the foregoing have impacted and, if the conflict, sanctions and such responses continue or escalate, may significantly impact our results and aspects of our operations in Russia and Ukraine, and may significantly affect our results and aspects of our operations in the other countries in which we operate. We are closely monitoring events in Russia and Ukraine, as well as the possibility of the imposition of further sanctions in connection with the ongoing conflict between Russia and Ukraine and any resulting further rise in tensions between Russia and the United States, the United Kingdom and/or the European Union. Although our Russian operations are now classified as ‘held for sale’ and ‘discontinued operations’ and do not contribute to our comparison base or actual reported numbers in this release (except as specifically stated), our operations in Ukraine continue to be affected by the conflict. We hope that there will be a peaceful and amicable resolution and 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. The comprehensive sanctions on investment and vendors in Russia and the ongoing conflict between Russia and Ukraine have had a significant impact on the Company’s operations and business plans in Russia and Ukraine and may continue to have a significant impact on the Company’s operations and business plans in Ukraine. During the three months ended 31 March 2023, we have not recorded any impairment charges related to the Russian operations and have not recorded significant impairment charges related to the Ukrainian operations. However, we may need to record future impairment charges, which could be significant if the conflict continues or escalates and as more information becomes available to management. It is possible further impairment charges may rise to such a level on an accounting basis as to require additional analysis of true asset values in order to determine the true value of assets to be compared to liabilities as outlined in the provisions of our debt agreements. Due to the ongoing conflict between Russia and Ukraine and the consequences as mentioned above, the Company requires additional time to complete all necessary disclosures in its Annual Report on Form 20-F to be filed with the U.S. Securities and Exchange Commission (“U.S. SEC”) as well as its Dutch financial statements to be filed with the Autoriteit Financiële Markten (“AFM”), including completing its preparation of VEON’s consolidated financial statements and subsequently receiving the related audit report on the financial statements and internal control over financial reporting from its independent registered public accounting firm. As a result, VEON was not be able to file its Dutch financial statements with the AFM by April 30, 2023, nor its Annual Report on Form 20-F by May 1, 2023, the respective deadlines for filing. As VEON was not able to complete these filings by the prescribed deadlines (or the May 16, 2023 date for extension of the Form 20-F filing deadline provided by U.S. Securities Exchange Act Rule 12b-25), it cannot be ruled out that the AFM, Euronext, U.S. SEC or Nasdaq may, following the missed deadlines, take action against VEON, as previously reported.

Trading update 1Q23 6 1Q23 TRADING UPDATE 7 KEY RECENT DEVELOPMENTS 9 LIQUIDITY AND CAPITAL STRUCTURE 11 COUNTRY PERFORMANCE 13 CONFERENCE CALL INFORMATION 19 PRESENTATION OF FINANCIAL RESULTS AND NONRECURRING ITEMS 20 DISCLAIMER 21 ATTACHMENTS 23 CONTENTS

Trading update 1Q23 7 With strong execution of our Digital Operator strategy, VEON reports double digit growth in local currency revenues and EBITDA for 1Q23. Group liquidity position remains strong with Group cash and cash equivalents of USD 3.0 billion. Group revenues decreased by 8.7% YoY during 1Q23 in reported currency with the adverse impact of FX rates and increased by 15.3% YoY in local currency terms. Five operating companies reported local currency revenue growth above 15% YoY, while Ukraine revenues increased 6.0% YoY in local currency. We continued to maintain or expand market share across all our countries of operation. Service revenues decreased by 7.9% YoY in reported currency and rose by 15.9% YoY in local currency. In 1Q23, Group EBITDA decreased by 13.5% YoY in reported currency terms (+11.2% in local currency), with Group EBITDA margin of 43.6% (-2.5 p.p. YoY). Local currency EBITDA growth was achieved even as energy costs increased across the Group by c.41% YoY, which negatively impacted Group EBITDA margin by approximately 1.3 p.p. The Group’s YoY EBITDA performance was also affected by an extraordinary non-recurring item in Kazakhstan in 1Q22, as noted in greater detail in the Country Performance section. Excluding this one-off item, Group EBITDA increased by 10.1% YoY in local currency terms. In 1Q23, we reported 157.7 million mobile subscribers, growth of 0.7% YoY. Our 4G user base grew by 18.2% YoY, reaching 88.1 million, with 13.6 million 4G users added over the past 12 months. 4G users now account for 55.9% of our total subscriber base, up 8.3 p.p. from a year earlier, supporting the execution of VEON’s Digital Operator strategy. Our operating companies continued to focus on the execution of VEON’s Digital Operator strategy (“DO1440”). We aim to deliver digital experiences for every minute of the day through services powered by our 4G network. Our multiplay customers are customers that consume a digital product on top of our voice and data services. Our multiplay customer base increased by 34.1% YoY to 27.6 million multiplay customers, representing 21.7% of the user base and accounting for 39.3% of VEON’s B2C revenues. Multiplay customer ARPU is 3.5 times higher, and churn is 2.0 times lower than for single play voice-only customers. With a higher share of multiplay customers, ARPU levels in each of our operating companies also increased, in the range of 7.6% to 18.3% YoY. Our media streaming services, Toffee in Bangladesh and Tamasha in Pakistan, remain important drivers of the growth in our multiplay customers. Toffee reached 11.7 million monthly active users (“MAUs”), an 84.3% YoY increase, while Tamasha in Pakistan reached 5.6 million MAUs, with a 5.6-fold YoY growth. Our digital financial services business in Pakistan, JazzCash, reported 14.6 million monthly active users and increased its 12-month total transaction volume by 30.4% YoY. 1Q23 TRADING UPDATE IGHLIGHTS:

Trading update 1Q23 8 In 1Q23, Group capex was USD 90.3 million. Capex intensity was stable YoY at 20.3%. We closed the first quarter with total cash and cash equivalents of USD 3.0 billion, including USD 2.5 billion at the HQ level. Our local operations remain largely self- funding. In Ukraine, the team continued to work to keep the country connected while also delivering growth in both revenue and EBITDA. Around 90% of our radio network remained operational at the end of the quarter. Kyivstar’s revenues were up 6.0% YoY in local currency (-17.2% YoY in reported currency). In April, revenues increased by 13.2% YoY in local currency. Kyivstar’s 4G customer base grew 4.2% YoY, with data usage rising 23.4% YoY. EBITDA increased by 1.0% YoY in local currency (-21.2% YoY in reported currency) in 1Q23. The EBITDA performance was impacted by ongoing operational cost pressures, including electricity and fuel costs, and continued charitable donations, as well as staff and customer support program. Pakistan revenues rose 16.0% YoY in local currency (- 20.4% YoY in reported currency), a strong result given the challenging macroeconomic environment. A further devaluation of the Pakistani Rupee in the quarter resulting in 47% YoY depreciation negatively impacted the financial performance in reported currency. Jazz grew its 4G users (+17.4% YoY) and ARPU (+16.9% YoY) in 1Q23. EBITDA rose by 12.0% YoY in local currency (-23.2% YoY in reported currency). Higher energy and fuel prices in Pakistan negatively impacted the EBITDA margin of 45.2% by c.3 p.p. In Kazakhstan, revenues increased 23.3% YoY in local currency (+23.4% YoY in reported currency), marking the eighth consecutive quarter of revenue growth above 20%. This was driven by the further expansion of our mobile customer base (+4.6% YoY), higher data usage (+25.1% YoY) and inflationary pricing. Beeline Kazakhstan reached 68.7% 4G penetration (+2.3 p.p. YoY). EBITDA rose by 37.9% YoY in local currency terms (+39.3% YoY in reported currency). In 1Q22, EBITDA was impacted by a KZT 2.0 billion one-off extraordinary charitable donation. Adjusting for this, Beeline Kazakhstan’s EBITDA grew by 29.4% YoY in local currency. In Bangladesh, Banglalink’s revenues increased 17.7% YoY in local currency (-4.2% YoY in reported currency) supported by strong growth in data revenue, which was up 35.0% YoY. This was the fourth consecutive quarter of double-digit local currency revenue growth. Banglalink’s nation-wide network expansion supported robust 39.1% YoY growth in 4G users. Banglalink delivered balanced growth with its subscriber base, which was up +7.7% YoY, and ARPU, which grew +9.9% YoY. EBITDA increased 11.7% YoY in local currency (-9.0% YoY in reported currency). In Uzbekistan, revenues increased 24.0% YoY in local currency (+19.9% YoY in reported currency), a fifth consecutive quarter of revenue growth above 20%. This was driven by a 21.6% YoY expansion of the 4G subscriber base and a robust increase in data revenues, which were 25.5% higher YoY in local currency. EBITDA rose 9.7% YoY in local currency (+6.1% YoY in reported currency). We have seen a strong start to the second quarter and in April local currency revenues are up 20.1% YoY with EBITDA up 25.8% YoY. As we executed on our strategy across the Group, our 2023 local currency guidance for both revenue and EBITDA growth remains at 10%-14%. VEON’s 2023 outlook for the Group’s capex intensity is in the range of 18%-20%.

Trading update 1Q23 9 OFAC LICENCE With regard to the sale of PJSC VimpelCom (“VimpelCom”), the U.S. Office of Foreign Assets Control (“OFAC”) issued a license on 15 April 2023 authorizing U.S. persons to engage in all transactions ordinarily incident and necessary to the divestment of VimpelCom. In addition to this OFAC license, VEON has also determined that it has the requisite authorizations required by the UK and Bermudan authorities to proceed with the divestment of VimpelCom. VEON does not believe that a license is required from the EU to execute the sale. SCHEME OF ARRANGEMENT TO EXTEND 2023 NOTES MATURITIES Further to the announcement issued on 31 January 2023, on 3 April 2023, VEON announced that VEON Ltd. and VEON Holdings B.V. received the remaining licenses and regulatory confirmations required to implement the amendments to VEON Holdings B.V.’s notes due 2023 (“2023 Notes”) (as set out in the scheme of arrangement proposed by VEON Holdings B.V.) from UK, Dutch and Bermuda authorities (in addition to the OFAC license received on 18 January 2023) and, therefore, the conditions to implementing the amendments had been satisfied. On 4 April 2023, VEON announced the amendment of its 2023 Notes were effective followed by the distribution of the 2023 Put Option Event Notice on 5 April 2023. Pursuant to the amendments, the maturity dates of the February 2023 Notes and April 2023 Notes have been extended to October 2023 and December 2023, respectively. Noteholders will also be entitled to payment of an amendment fee of 200bps payable on the 2023 Notes outstanding on their respective amended maturity dates. Further, the 2023 Put Option Event Notice, entitling holders of the 2023 Notes to require VEON Holdings B.V. to repurchase their 2023 Notes at a purchase price of 102 per cent. of the principal amount was distributed in accordance with the terms of the amendments. The 2023 Put Option closed on 19 April with holders of USD 165 million of the October 2023 Notes, and holders of USD 294 million of the December 2023 Notes exercised the put option. On 28 April 2023, VEON announced, that The Notes accepted for repurchase pursuant to the 2023 Put Option were repurchased by the Issuer on 26 April 2023 and cancelled on 27 April 2023. VEON APPOINTS PWC AS AUDITORS FOR VEON GROUP On 11 April 2023, VEON announced that, further to its announcement on 11 January 2023 regarding the appointment of PricewaterhouseCoopers Accountants N.V. (“PwC”) as the Dutch statutory financial statement auditors for the year ended 31 December 2022, VEON has now also appointed PwC as the independent registered public accounting firm for the audit of the Group’s consolidated financial statements for the year ended 31 December 2022 in accordance with the standards established by the Public Company Accounting Oversight Board (United States). VEON MANAGEMENT TO INCREASE SHARE OWNERSHIP On 14 April 2023, VEON announced an increase in management’s ownership of company shares. This follows the completion of management share awards as a part of the Group’s incentive programs that were announced in February 2022. With this share award, five members of VEON’s Group Executive Committee were granted a total of 154,876 shares within the scope of STI plans and 643,286 shares as a part of LTI plans. KEY RECENT DEVELOPMENTS IGHLIGHTS:

Trading update 1Q23 10 VEON APPOINTS GROUP HEAD OF INTERNAL AUDIT On 24 April 2023, VEON announced the appointment of Jagan Mohan, current Group Director of Internal Audit, as the Group Head of Internal Audit, effective from 1 May 2023. This complements the Group Chief Financial Officer transition, where Joop Brakenhoff, currently VEON’s current Chief Internal Audit and Ethics & Compliance Officer, assumed the role of Group Chief Financial Officer on 1 May 2023. In this new role, Jagan Mohan will report functionally to Michiel Soeting, the Chairman of VEON’s Audit and Risk Committee, and operationally to Kaan Terzioglu, our Group CEO. VEON ENHANCES DIGITAL MARKETING OFFERING WITH ADTECH BUSINESS On 26 April 2023, VEON announced that it has incorporated a dedicated AdTech company, wholly owned by the VEON Group, to offer digital marketing services supporting VEON Group companies in addressing the growing digital advertising opportunity in VEON markets. With its headquarters in Tashkent, Uzbekistan, VEON AdTech will work with VEON’s digital operators and support the VEON Group in providing highly targeted digital marketing services based on machine-learning algorithms, building on VEON companies’ proximity to their customers. The advertising spend on digital advertising in the countries where VEON operates is estimated to exceed USD 1.3 billion in 20231. VEON APPOINTS JOOP BRAKENHOFF AS GROUP CHIEF FINANCIAL OFFICER On 15 March 2023, VEON announced the appointment of Joop Brakenhoff as Group Chief Financial Officer (CFO), effective from 1 May 2023. Joop took over from Serkan Okandan whose three-year contract as Group CFO expired at the end of April 2023. Serkan continues to serve VEON as a special advisor to the Group CEO and CFO. 1 Source: Statista

Trading update 1Q23 11 KEY DATA USD million 31 March 2023 31 December 2022 QoQ 31 March 2022 YoY Cash and cash equivalents 3,040 3,106 (2.2%) 1,977 53.7% Gross debt, of which 5,714 7,479 (23.6%) 9,661 (40.9%) Lease liabilities 804 809 (0.6%) 2,598 (69.0%) Net debt 2,709 4,461 (39.3%) 7,780 (65.2%) Net debt / LTM EBITDA 1.61x 2.56x 4.22x Net debt excluding leases 1,911 3,657 (47.7%) 5,183 (63.1%) Net debt excluding leases / LTM EBITDA 1.29x 2.36x 3.07x Note: Certain comparative amounts have been reclassified to conform to the current period presentation. Accounts as at 31 March 2022 include amounts from Russian operations, which in in 4Q22 were reclassified as assets and liabilities held for sale and therefore excluded from the corresponding amounts as at 31 December 2022 and as at 31 March 2023. Total cash and cash equivalents decreased marginally in the first quarter to approximately USD 3.0 billion, of which USD 2.5 billion is cash and cash equivalents held by VEON’s HQ in Amsterdam denominated in US dollars and euro, including USD 1.1 billion drawn under the Revolving Credit Facility (“RCF”). The HQ-level cash and cash equivalents are held in bank accounts, money market funds and on-demand deposits at a diversified group of international banks. Gross debt decreased to USD 5.7 billion as of 31 March 2023, compared with USD 7.5 billion at the end of 4Q22. The decrease in gross debt was mainly driven by the reclassification of VEON Holdings notes purchased by PJSC VimpelCom Russia to Intercompany as well as to the QoQ depreciation of the Russian ruble and Pakistani rupee against the US dollar which resulted in lower reported currency levels of bank loans and lease liabilities. As of 31 March 2023, our revolving credit facility was fully drawn with USD 1.1 billion outstanding. Lease liabilities were flat QoQ at approximately USD 0.8 billion at the end of 1Q23. Net debt and net debt excluding leases decreased in the quarter to USD 2.7 billion and to USD 1.9 billion, respectively, resulting in net debt/EBITDA ratios of 1.61x and 1.29x, respectively. The QoQ decrease in net debt was due to reclassification of VEON Holdings notes purchased by PJSC VimpelCom to Intercompany, while the debt issued by PJSC VimpelCom to purchase such notes is classified as held for sale, as well as to the depreciation of the Russian ruble and Pakistani rupee against the US dollar as mentioned above. The HQ-level cash and cash equivalents currently amount to the equivalent of USD 2.5 billion. Excluding the USD 1.1 billion RCF, the Group faces debt maturities at HQ-level of approximately USD 0.8 billion in 2023, USD 0.3 billion in 2024, and the equivalent of USD 2.8 billion beyond 2024, as well as annual interest and corporate costs. For the USD 1.1 billion RCF, USD 250 LIQUIDITY AND CAPITAL STRUCTURE

Trading update 1Q23 12 million can be rolled over until the final maturity in March 2024 and USD 805 million can be rolled over until the final maturity in March 2025. Despite the unprecedented challenges posed by the conflict between Russia and Ukraine and the current sanctions environment, VEON is optimistic that the anticipated completion of the sale of its Russian operations will help facilitate a return to the international capital markets, including the debt capital markets which the Company has traditionally relied on to refinance maturing debt. The ability to upstream cash to HQ-level to meet obligations is currently impaired by currency controls in two major markets and other geopolitical and FX pressures affecting emerging markets. VEON remains committed to monetizing assets to enhance liquidity at the HQ-level and taking steps to regain access to capital markets. VEON is confident in its ability to navigate these challenges and continue to provide converged connectivity and online services to its customers globally.

Trading update 1Q23 13 KEY FIGURES BY COUNTRIES USD million 1Q23 1Q22 YoY reported YoY local currency Total revenue 884 968 (8.7%) 15.3% Ukraine 228 276 (17.2%) 6.0% Pakistan 269 338 (20.4%) 16.0% Kazakhstan 175 141 23.4% 23.3% Bangladesh 138 144 (4.2%) 17.7% Uzbekistan 63 53 19.9% 24.0% Kyrgyzstan 13 10 22.5% 18.8% Georgia - 10 (100.0%) (100.0%) HQ and eliminations (2) (5) 53.4% Service revenue 852 925 (7.9%) 15.9% Ukraine 227 274 (17.2%) 6.0% Pakistan 246 306 (19.7%) 17.1% Kazakhstan 169 136 24.8% 24.6% Bangladesh 136 142 (3.9%) 18.0% Uzbekistan 63 53 19.9% 24.0% Kyrgyzstan 13 10 22.4% 18.8% Georgia - 10 (100.0%) (100.0%) HQ and eliminations (2) (5) 56.3% EBITDA 385 446 (13.5%) 11.2% Ukraine 135 171 (21.2%) 1.0% Pakistan 122 158 (23.2%) 12.0% Kazakhstan 92 66 39.3% 37.9% Bangladesh 50 55 (9.0%) 11.7% Uzbekistan 28 27 6.1% 9.7% Kyrgyzstan 5 3 38.7% 33.7% Georgia - 4 (100.0%) (100.0%) HQ and eliminations (46) (38) (19.2%) EBITDA margin 43.6% 46.0% (2.5p.p.) COUNTRY PERFORMANCE

Trading update 1Q23 14 Keeping Ukraine connected UAH million 1Q23 1Q22 YoY Total revenue 8,346 7,874 6.0% Service revenue 8,294 7,822 6.0% EBITDA 4,921 4,871 1.0% EBITDA margin 59.0% 61.9% (2.9p.p.) Capex 780 659 18.4% Capex intensity 19.3% 17.2% 2.0p.p. Mobile Total operating revenue 7,830 7,339 6.7% Service revenue 7,830 7,339 6.7% Data revenue 4,472 4,323 3.4% Customers (mln) 24.3 26.1 (6.7%) Data users (mln) 17.3 18.8 (7.9%) 4G smartphone users (mln) 17.5 17.4 0.1% 4G users (mln) 13.3 12.7 4.2% ARPU (UAH) 106 93 13.3% MOU (min) 551 624 (11.7%) Data usage (GB/user) 9.5 7.7 23.4% 4G coverage 94.1% 90.3% 3.8p.p. Fixed-line Total operating revenue 463 483 (4.2%) Service revenue 463 483 (4.2%) Broadband revenue 319 297 7.2% Broadband customers (mln) 1.1 1.2 (7.0%) Broadband ARPU (UAH) 94 82 14.0% Kyivstar delivered solid growth in the quarter, growing revenues and EBITDA despite the challenging operating environment as the team continues to focus on keeping Ukrainians connected. Total revenues increased by 6.0% YoY in 1Q23, with mobile service revenues rising by 6.7% YoY, supported by 23.4% YoY growth in data consumption and higher roaming. EBITDA rose by 1.0% YoY, corresponding to an EBITDA margin of 59.0%. EBITDA was impacted by operational cost pressures, including increases in electricity tariffs ranging from 15% to 34% YoY, and 52% YoY growth in fuel prices, negatively impacting the EBITDA margin by approximately 1 p.p. YoY. In 1Q23, EBITDA was also impacted by UAH 150 million in charitable donations, as well as staff and customer support programs, as Kyivstar continues to support its employees and the community. 4G user base reached 13.3 million (+4.2% YoY), and now accounts for 54.6% of the customer base (+5.7 p.p. YoY). The growth in 4G users together with new value propositions supported a 13.3% YoY increase in ARPU. Kyivstar saw a 6.7% YoY decline in its overall mobile subscribers due to network unavailable in occupied zones and as the number of refugees living outside of Ukraine continued to impact the subscriber base. With continued focus on DO1440 strategy, Kyivstar supported access to key services including digital healthcare, information and entertainment services. Kyivstar’s multiplay customers increased +14.4% YoY and generated growth of 27.0% YoY in multiplay revenues. In January 2023, Kyivstar introduced Kyivstar.Tech, a new IT company that will focus on developing its Digital Operator portfolio, products and enablers. Helsi Ukraine, the country’s largest digital healthcare platform, reported over 25 million registered users with almost 2.2 million of them contacting a doctor and booking more than 1.8 million appointments through the platform in the first quarter. The media streaming service Kyivstar TV closed the quarter with nearly 1.0 million MAUs, representing 27.7% YoY increase. Kyivstar TV has recently introduced “Children’s Profile”, a dedicated channel with a wide portfolio of content for children. In line with the “4G everywhere” strategy, Kyivstar connected 81 more settlements to its 4G network, added 215 new 4G base stations and upgraded another 460 base stations to 4G in 1Q23. Capex was 18.4% higher YoY as Kyivstar continued to support essential connectivity in the country and maintain business resilience and continuity. The Kyivstar team was able to maintain nearly 90% of the radio network operational at the end of March. UKRAINE

Trading update 1Q23 15 Double-digit growth in both revenue and EBITDA PKR million 1Q23 1Q22 YoY Total revenue 69,662 60,060 16.0% Service revenue 63,635 54,340 17.1% EBITDA 31,479 28,107 12.0% EBITDA margin 45.2% 46.8% (1.6p.p.) Capex 3,669 14,869 (75.3%) Capex intensity 15.2% 22.2% (7.0p.p.) Mobile Total operating revenue 69,662 60,060 16.0% Service revenue 63,635 54,340 17.1% Data revenue 28,602 24,626 16.1% Customers (mln) 73.7 75.0 (1.7%) Data users (mln) 54.2 51.5 5.2% 4G smartphone users (mln) 35.7 34.0 5.0% 4G users (mln) 43.1 36.7 17.4% ARPU (PKR) 285 244 16.9% MOU (min) 427 428 (0.2%) Data usage (GB/user) 5.8 5.1 14.1% 4G coverage 66.0% 55.7% 10.3p.p. With continued successful execution of its Digital Operator strategy, Jazz delivered double-digit growth in both revenue and EBITDA and gained further market share. Total revenues rose by 16.0% YoY in 1Q23, as Jazz continued to gain market share. This double-digit revenue growth was enabled by disciplined inflationary pricing as Jazz successfully executed on its Digital Operator strategy. It was also strengthened by encouraging momentum in our financial services offering, with robust increases in service revenues for both JazzCash (+65.3% YoY) and Mobilink Microfinance Bank (+71.0% YoY). EBITDA rose by 12.0% YoY on the back of the double-digit top line growth despite the challenging macroeconomic environment. 47% YoY currency depreciation, a 8.3 p.p. YoY increase in interest rates and average inflation at c.31.5% in 1Q23 impacted the macro-economic environment and notably the financial performance in reported currency. In 1Q23, the 4G user base reached 43.1 million, a YoY increase of 17.4%, with 4G penetration of 58.5% (+9.5 p.p.). Jazz reported 73.7 million mobile subscribers (-1.7% YoY). With the continued execution of its DO1440 strategy, Jazz recorded 27.5% YoY growth in multiplay customers who benefit from digital services such as JazzCash, the self-care app JazzWorld and the entertainment platform Tamasha. In 1Q23 multiplay customers accounted for 23.0% of the monthly active consumer base. With 3.1 times the ARPU of voice-only users, Jazz’s multiplay customers generated 45.5% of the operator’s revenues in the B2C segment (+9.8 p.p. YoY). JazzCash, the most popular mobile financial services application in Pakistan, had 14.6 million MAUs (-6.7% YoY) and served 1.4 million (+38.7% YoY) customers with digital loans. Total revenue grew by 58.3% YoY with the mobile wallet recording 2.0 billion transactions in last twelve months (+9.4% YoY). Gross Transaction Value in the last 12 months was PKR 4.5 trillion, a 30.4% YoY increase. This was supported by the continued expansion in retail presence, reaching more than 122,000 active agents (+7.3% YoY) and almost 179,000 active merchants (+23.6% YoY). The Self-care app JazzWorld saw MAUs increase by 15.9% YoY, reaching 12.2 million at the end of 1Q23. In 1Q23, Pakistan’s leading entertainment platform Tamasha introduced the very first Tamasha Originals: a TV series titled “Family Bizniss”. This contributed to the accelerated growth of Tamasha’s monthly active user base, which reached 5.6 million (5.6x YoY), while average daily active users rose 5.2x YoY to reach more than 900 thousand at the end of the quarter. Launched in December 2022 by Jazz in partnership with Turkcell, the free instant communication and lifestyle platform BiP had more than 550,000 MAUs at the end of 1Q23. Supported by higher demand digital services from Jazz customers, data and digital revenues in Pakistan were up 21.0% YoY. Capex was PKR 3.7 billion in 1Q23, with LTM capex intensity of 15.2% (-7.0 p.p. YoY) impacted by the regulator’s currency control measures. However, Jazz continued to expand and upgrade their 4G network, with almost 1,100 new 4G sites YoY. PAKISTAN

Trading update 1Q23 16 Eighth consecutive quarter of revenue growth above 20% YoY KZT million 1Q23 1Q22 YoY Total revenue 79,417 64,436 23.3% Service revenue 76,947 61,769 24.6% EBITDA 41,702 30,233 37.9% EBITDA margin 52.5% 46.9% 5.6p.p. Capex 7,143 6,561 8.9% Capex intensity 18.7% 21.9% (3.2p.p.) Mobile Total operating revenue 63,226 53,672 17.8% Service revenue 60,768 51,050 19.0% Data revenue 37,016 29,683 24.7% Customers (mln) 10.6 10.1 4.6% Data users (mln) 8.5 8.3 3.2% 4G smartphone users (mln) 8.7 8.0 8.3% 4G users (mln) 7.3 6.7 8.2% ARPU (KZT) 1,902 1,698 12.3% MOU (min) 237 314 (24.4%) Data usage (GB/user) 17.5 14.0 25.1% 4G coverage 87.7% 81.5% 6.2p.p. Fixed-line Total operating revenue 16,191 10,764 50.4% Service revenue 16,179 10,719 50.9% Broadband revenue 6,199 4,478 38.4% Broadband customers (mln) 0.7 0.6 12.0% Broadband ARPU (KZT) 3,053 2,714 12.5% Beeline Kazakhstan inched closer to 70% 4G penetration and recorded its eighth consecutive quarter of revenue growth above 20% YoY. Multiplay users were up 28.6% YoY as customers increased their usage of Beeline’s digital apps, with data and digital revenues increasing 29.1% YoY. Total revenues rose by 23.3% YoY, while service revenues were up by 24.6% YoY, supported by growth in both the mobile and fixed line businesses. Data usage increased +25.1% YoY as Beeline Kazakhstan continued the successful execution of its Digital Operator strategy. EBITDA increased by 37.9% YoY, supported by the solid topline YoY growth. In 1Q22, EBITDA was impacted by an extraordinary non-recurring item, a KZT 2.0 billion charitable donation. Adjusting for this, Beeline Kazakhstan’s EBITDA grew by 29.4% YoY in local currency. The EBITDA margin reached 52.5% in 1Q23 (+5.6 p.p. YoY), while Beeline Kazakhstan continued to progress on network investments supporting growth. Beeline Kazakhstan expanded its 4G user base, to 7.3 million up 8.2% YoY. 4G penetration rose by 2.3 p.p. YoY to 68.7% of the total customer base at the end of 1Q23, moving closer to VEON’s target of 70% 4G penetration in the customer base. Beeline Kazakhstan’s digital services continued to show strong growth in line with the DO1440 strategy as multiplay customers who enjoyed digital services such as izi, Simply, My Beeline and BeeTV, reached 3.4 million, up 28.6% YoY. With higher ARPU and lower churn, these customers contributed 53.6% of the subscriber revenues in the B2C segment. The MyBeeline self-care app increased its MAUs by 23.7% YoY reaching the 4.0 million users. MyBeeline was recently named the second most popular communications app in Kazakhstan by number of Google Play downloads. The BeeTV multiplatform entertainment service reached more than 720 thousand MAUs (+18.1% YoY), with 70.6% of customers using the mobile version of the service. Beeline Kazakhstan’s sub-brand izi continued to deliver significant growth with monthly active users of the izi app increasing 4.7 times YoY to more than 362,000 MAUs. At the end of the quarter izi recorded 173,000 monthly active subscribers, up 71.0% YoY. Simply, Kazakhstan’s first mobile online-only neobank, saw a 87.3% YoY increase in MAUs, which have reached to nearly 234,000 at the end of 1Q23. Capex was KZT 7.1 billion during the quarter, with capex intensity of 18.7%. Capex expenditure remained focused on expanding the 4G network as Beeline Kazakhstan added over 1,600 new 4G base stations YoY. KAZAKHSTAN

Trading update 1Q23 17 Strong start to the year gaining further market share BDT million 1Q23 1Q22 YoY Total revenue 14,619 12,420 17.7% Service revenue 14,382 12,186 18.0% EBITDA 5,305 4,749 11.7% EBITDA margin 36.3% 38.2% (2.0p.p.) Capex 3,138 4,039 (22.3%) Capex intensity 31.0% 19.1% 11.9p.p. Mobile Total operating revenue 14,619 12,420 17.7% Service revenue 14,382 12,186 18.0% Data revenue 4,929 3,652 35.0% Customers (mln) 38.7 35.9 7.7% Data users (mln) 25.5 22.0 15.6% 4G smartphone users (mln) 18.0 13.9 29.0% 4G users (mln) 17.4 12.5 39.1% ARPU (BDT) 126 114 9.9% MOU (min) 202 213 (5.2%) Data usage (GB/user) 5.0 4.3 17.9% 4G coverage 81.6% 72.3% 9.3p.p. Following 2022 as a high double-digit growth company, Banglalink sustained its high performance in 1Q23, delivering 17.7% topline growth. Successful network rollout and continued execution of Bangalink’s Digital Operator strategy supported this performance, with the company gaining further market share. Following a sustained period of strong revenue growth, Banglalink also reported double digit EBITDA growth in 1Q23. In 1Q23, total revenues increased by 17.7% YoY, with service revenues up by 18.0% YoY, double the growth rate of the Bangladesh’s mobile telecoms sector as a whole. The revenue growth was driven by expansion in both the customer base (+7.7% YoY) and ARPU (+9.9% YoY). Mobile data usage was up by 17.9% YoY in 1Q23, contributing to a significant 35.0% YoY increase in data revenue during the quarter. EBITDA rose by 11.7% YoY in 1Q23 supported by the strong topline growth despite increase in electricity tariffs and fuel prices. Benefiting from its nationwide expansion, Banglalink increased its customer base and gained market share in 1Q23, recording 39.1% growth in its 4G user base, which reached 17.4 million. This corresponds to 45.1% 4G penetration, a 10.2 p.p. YoY increase, and remains a key enabler of Banglalink’s future growth plans. In April 2023, Banglalink passed the milestone of 40 million mobile subscribers. The strong 4G rollout combined with higher penetration supported the execution of Banglalink’s DO1440 strategy, with the multiplay customer base up by 81.7% YoY, contributing to 29.5% of B2C revenues during 1Q23. Banglalink’s video streaming app Toffee, the largest mobile entertainment platform in Bangladesh, closed the quarter with 11.7 million MAUs (+84.3% YoY) and the number of average daily active users rose by 96.4% YoY, reaching 2.0 million. Banglalink’s self-care app MyBanglalink, which now offers its users various in-app services like e-learning, gaming and music streaming, saw a 71.5% YoY increase in monthly active users, passing the 6 million milestone in 1Q23 and reaching 6.2 million at the end of the quarter. Driven by higher 4G penetration and uptake of digital services, Banglalink’s data and digital revenues grew by 31.8% YoY. Capex in 1Q23 was BDT 3.1 billion, with the last twelve months capex intensity of 31.0% (+11.9 p.p. YoY), as investment in the country-wide 4G network continued in line with Banglalink’s expansion strategy. BANGLADESH

Trading update 1Q23 18 Fifth consecutive quarter of topline growth above 20% UZS million 1Q23 1Q22 YoY Total revenue 719,929 580,783 24.0% Service revenue 719,584 580,393 24.0% EBITDA 320,339 292,048 9.7% EBITDA margin 44.5% 50.3% (5.8p.p.) Capex 87,358 56,734 54.0% Capex intensity 26.2% 14.2% 12.0p.p. Mobile Total operating revenue 718,615 578,676 24.2% Service revenue 718,397 578,502 24.2% Data revenue 497,628 396,470 25.5% Customers (mln) 8.4 7.6 11.5% Data users (mln) 7.4 6.1 20.3% 4G smartphone users (mln) 5.3 4.7 13.5% 4G users (mln) 5.7 4.7 21.6% ARPU (UZS) 28,098 26,121 7.6% MOU (min) 632 684 (7.7%) Data usage (GB/user) 8.9 6.6 35.0% 4G coverage 78.0% 62.0% 16.0p.p. Beeline Uzbekistan maintains its subscriber market share and leading NPS position. With 38% growth of its multiplay base and disciplined pricing, Beeline delivered its fifth consecutive quarter of topline growth above 20%. In 1Q23, total revenues increased by 24.0% YoY. This strong operational performance was enabled by growth in the customer base, higher number of 4G users, and higher take- up of Beeline’s digital services. As Beeline Uzbekistan continued to focus on 4G expansion in coverage and quality and in building capacity for future expansion, EBITDA growth was at 9.7% YoY, further impacted by higher SIM costs and other regulatory fees. In 1Q23, Beeline Uzbekistan recorded 8.4 million subscribers with 11.5% growth YoY. The 4G user base reached 5.7 million users during the quarter, a 21.6% YoY increase, and 4G users now account for 67.9% of total customers (+5.6 p.p. YoY). With a strong focus on the execution of its DO1440 strategy, Beeline Uzbekistan continued offering new digital bundles and tariff plans in 1Q23, building on its portfolio of digital products and services. Supported by the up-take of digital services, Beeline Uzbekistan increased its multiplay customer base by 38.2% YoY and reached 36.4% of the monthly active consumer base, contributing 57.1% of B2C revenues during 1Q23. The Beepul mobile financial services platform grew its monthly active user base by 15.2% YoY, and the average transaction value increased by 27.8% YoY. The self-service app My Beeline recorded 3.0 million MAUs at the end of the quarter (+21.0% YoY). The operator’s entertainment platforms, including Beeline TV and Beeline Music, accounted for more than 1.2 million MAUs in total (+0.5% YoY). The continued growth in digital services supported a 7.6% YoY increase in ARPU and 27.3% YoY growth in data and digital revenues. In April 2023, VEON incorporated a dedicated AdTech company with its headquarters in Tashkent, Uzbekistan, which will work with VEON’s digital operators and support the VEON Group in providing highly targeted digital marketing services based on machine-learning algorithms, building on VEON companies’ proximity to their customers. Capex was UZS 87.3 billion in 1Q23, with capex intensity of 26.2%. Adjusting for the acquisition of a new office building in 2Q22, capex intensity was 19.2% (+5.0 p.p. YoY). Beeline Uzbekistan reported a 24.9% YoY increase in 4G base stations. UZBEKISTAN

Trading update 1Q23 19 On 4 May 2023, VEON will host a conference call with senior management at 14:00 CEST (13:00 BST), which will be available via a Zoom link and by telephone. The call details and slide presentation may be accessed at http://www.veon.com. To access the event, please use the following Zoom link or dial-in numbers: ZOOM LINK https://veon-global.zoom.us/j/99408360415?pwd=NzdXeldyQ2Z5UC9wMEhjajhmK1NkZz09 994 0836 0415 Passcode: 160160 DIAL-IN DETAILS One-tap mobile Dial by your location Country +31202410288,,99408360415 #,,,,*160160# +31 20 241 0288 Netherlands +442039017895,,99408360415 #,,,,*160160# +44 203 901 7895 United Kingdom +16465189805,,99408360415 #,,,,*160160# +1 646 518 9805 US (New York) Meeting ID: 994 0836 0415 Passcode: 160160 International numbers available: https://veon-global.zoom.us/u/a7t95rDro We strongly encourage you to watch the event through the Zoom link, but if you prefer to dial in, please use the dial-in details. A recording of the conference call and the slide presentation will be available on VEON’s website for 12 months after the end of the event. The slide presentation will also be available for download from VEON’s website. CONTACT INFORMATION Investor Relations Nik Kershaw ir@veon.com CONFERENCE CALL INFORMATION

Trading update 1Q23 20 VEON’s results presented in this trading update are, unless otherwise stated, based on IFRS and have not been externally audited or reviewed. Certain amounts and percentages that appear in this trading update have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, including those in the tables, may not be an exact arithmetic aggregation of the figures that precede or follow them. The non-IFRS information disclosed in the document, including, among other things, EBITDA, EBITDA margin, net debt, capex, capex intensity, local currency trends, and ARPU, is defined in Attachment A. Local currency and reported currency trends are reconciled in Attachment C. ITEMS THAT AFFECT YEAR-ON-YEAR COMPARISONS FOR REVENUE AND EBITDA On 8 June 2022, VEON announced completion of the sale of VEON Georgia LLC, VEON’s operating subsidiary in Georgia. Georgia results were deconsolidated from VEON Group numbers following the date of sale. The Georgian operations also do not contribute to either the comparison base or the actual reported numbers of customer base, 4G users and 4G penetration. Following the exercise of the put option for our stake in Algeria on 1 July 2021, the Algerian business, in line with the requirements of IFRS 5, became a discontinued operation, and was accounted for as ‘held for sale’. On 5 August 2022, VEON completed the sale of the Algerian business. The result is that the Algerian operations do not contribute to the base performance of VEON for both the current and prior year in this press release, and from the balance sheet perspective, it was measured at the lower of (i) the carrying amount of the discontinued business; and (ii) its fair market value, less costs to sell. Any deviation from this value in respect of the final valuation resulted in a gain/loss, which was accounted for as a profit/loss from discontinued operations. On 24 November 2022, VEON Ltd. announced that following a competitive process, it has entered into an agreement to sell its Russian operations. Following the execution of the agreement, the Russian business has been classified as ‘held for sale’ and ‘discontinued operations’, and accounted for as such, in line with the requirements of IFRS 5. The target completion date for the transaction is on or before 1 June 2023, with options on both sides for extensions in case any required regulatory license has not yet been received. The result is that the Russian operations do not contribute to VEON’s comparison base or actual reported results in this press release (except as specifically noted), however, this classification has no impact on balance sheet amounts in prior periods. PRESENTATION OF FINANCIAL RESULTS AND NON-RECURRING ITEMS

Trading update 1Q23 21 VEON’s results presented in this trading update are, unless otherwise stated, based on IFRS and have not been externally reviewed and audited. The financial information included in this trading update is preliminary and is based on a number of assumptions that are subject to inherent uncertainties and subject to change. The financial information presented herein is based on internal management accounts, is the responsibility of management and is subject to financial closing procedures which have not yet been completed and has not been audited, reviewed or verified. Certain amounts and percentages that appear in this trading update have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, including those in the tables, may not be an exact arithmetic aggregation of the figures that precede or follow them. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the current period or any future period. This trading update contains “forward-looking statements”, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” and other similar words. Forward-looking statements include statements relating to, among other things, VEON’s plans to implement its strategic priorities, including operating model and development plans; anticipated performance, including VEON’s ability to generate sufficient cash flow; VEON’s assessment of the impact of the COVID-19 pandemic on its current and future operations and financial condition; VEON’s assessment of the impact of the conflict surrounding Russia and Ukraine, including related sanctions and counter-sanctions, on its current and future operations and financial condition; future market developments and trends; operational and network development and network investment, including expectations regarding the roll-out and benefits of 3G/4G/LTE networks, as applicable; 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 and to execute its strategic transactions in the timeframes anticipated, or at all; VEON’s ability to realize financial improvements, including an expected reduction of net pro-forma leverage ratio following the successful completion of certain dispositions and acquisitions; our dividends; completion of VEON’s sale of its Russian operations; and VEON’s ability to realize its targets and commercial initiatives in its various countries of operation. The forward-looking statements included in this trading update are based on management’s best assessment of VEON’s strategic and financial position and of future market conditions, trends and other potential developments. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of, among other things: further escalation in the conflict surrounding Russia and Ukraine, including further sanctions and counter-sanctions and any related involuntary deconsolidation of our Russian and/or Ukrainian operations; further unanticipated developments related to the COVID-19 pandemic, such as the effect on consumer spending, that has negatively affected VEON’s operations and financial condition in the past; demand for and market acceptance of VEON’s products and services; our plans regarding our dividend payments and policies, as well as our ability to receive dividends, distributions, loans, transfers or other payments or guarantees from our subsidiaries; continued volatility in the economies in VEON’s markets; governmental regulation of the telecommunications industries; general political uncertainties in VEON’s markets; government investigations or other DISCLAIMER

Trading update 1Q23 22 regulatory actions; litigation or disputes with third parties or regulatory authorities or other negative developments regarding such parties; the impact of export controls and laws affecting trade and investment on our and important third-party suppliers' ability to procure goods, software or technology necessary for the services we provide to our customers; risks associated with data protection or cyber security, other risks beyond the parties’ control or a failure to meet expectations regarding various strategic priorities, the effect of foreign currency fluctuations, increased competition in the markets in which VEON operates and the effect of consumer taxes on the purchasing activities of consumers of VEON’s services. Certain other factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in VEON’s Annual Report on Form 20-F for the year ended 31 December 2021 filed with the U.S. Securities and Exchange Commission (the “SEC”) on 29 April 2022 and other public filings made from time to time by VEON with the SEC. Other unknown or unpredictable factors also could harm our future results. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward-looking statements in this press release be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date hereof. We cannot assure you that any projected results or events will be achieved. Except to the extent required by law, we disclaim any obligation to update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made, or to reflect the occurrence of unanticipated events. The sale of VEON’s Russian operations is subject to customary closing conditions, including receipt of requisite regulatory approvals and licenses from relevant government authorities. There can be no assurance that the requisite approvals will be received or that such sale will complete. Furthermore, elements of this release contain or may contain, “inside information” as defined under the Market Abuse Regulation (EU) No. 596/2014.

Trading update 1Q23 23 CONTENT OF THE ATTACHMENTS Attachment A Definitions 24 Attachment B Customers 26 Attachment C Reconciliation of local currency and reported trends 26 Attachment D Rates of functional currencies to USD 26 For more information on financial and operating data for specific countries, please refer to the supplementary file Factbook1Q2023.xlsx on VEON’s website at https://www.veon.com/investors/reports-results/reports-results/ ATTACHMENTS

Trading update 1Q23 24 ATTACHMENT A: DEFINITIONS 4G users are mobile customers who have engaged in revenue-generating activity during the three months prior to the measurement date as a result of activities over fourth-generation (4G or LTE – long term evolution) network technologies. ARPU (average revenue per user) measures the monthly average revenue per mobile user. We generally calculate mobile ARPU by dividing our mobile service revenue during the relevant period (including data revenue, roaming revenue, MFS and interconnect revenue, but excluding revenue from connection fees, sales of handsets and accessories and other non-service revenue), by the average number of our mobile customers during the period and the number of months in that period. Capital expenditures (capex) are purchases of property and equipment, new construction, upgrades, software, other long- lived assets and related reasonable costs incurred prior to intended use of the non-current asset, accounted at the earliest event of advance payment or delivery. Purchase of licenses and capitalized leases are not included in capital expenditures. Capex intensity is a ratio, which is calculated as last-twelve-months (LTM) capex divided by LTM total revenue. Data and digital revenues include data revenue, revenues from mobile financial services and from digital entertainment. Digital services monthly active users (“MAU”) is a gross total of monthly active users of all digital products and services offered by an entity or by VEON Group and includes MAUs who are active in more than one application. Discontinued operations means that under IFRS, the results of discontinued operations that are presented separately in current and prior year income statements and have no impact on balance sheet amounts of prior periods. This means that neither Algerian nor Russian operations do not contribute to the base performance of VEON for both the current and prior year. Doubleplay 4G customers are mobile customers who engaged in usage of our voice and data services over 4G (LTE) technology at any time during the one month prior to such measurement date. EBITDA is a non-IFRS financial measure and is called Adjusted EBITDA in the Form 20-F published by VEON. VEON calculates Adjusted EBITDA as (loss)/profit before interest, tax, depreciation, amortization, impairment, gain/loss on disposals of non- current assets, other non-operating gains/losses and share of profit/loss of joint ventures and associates. Our Adjusted EBITDA may be helpful in evaluating our performance against other telecommunications companies that provide EBITDA. Additionally, a limitation of EBITDA’s use as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenue or the need to replace capital equipment over time. Reconciliation of EBITDA to net income attributable to VEON Ltd., the most directly comparable IFRS financial measure, is presented in the ‘reconciliation tables’ section in Attachment C below. EBITDA margin is calculated as EBITDA divided by total revenue, expressed as a percentage. Equity free cash flow is a non-IFRS measure and is defined as free cash flow from operating activities less cash flow used in investing activities excluding license payments, principal amount of lease payments, balance movements in Pakistan banking, M&A transactions, inflow/outflow of deposits, financial assets and other one-off items. Reconciliation to the most directly comparable IFRS financial measure is presented in the ‘reconciliation tables’ section in Attachment C below. Fixed-mobile convergence customer (FMC customer) is a customer on a one-month active broadband connection subscribing to a converged bundle consisting of at least a fixed internet subscription and at least one mobile SIM. Gross Debt is calculated as the sum of long-term notional debt and short-term notional debt including capitalized leases. Local currency trends (growth/decline) in revenue and EBITDA are non-IFRS financial measures that reflect changes in Revenue and EBITDA, excluding foreign currency movements and other factors, such as businesses under liquidation, disposals, mergers and acquisitions, including the sale of operations in Georgia and the classification of Algeria and Russia as ‘discontinued operations’.

Trading update 1Q23 25 Mobile customers 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”). Mobile data customers are mobile customers who have engaged in revenue-generating activity during the three months prior to the measurement date as a result of activities including USB modem Internet access using 2.5G/3G/4G/HSPA+ technologies. Mobile financial services (MFS) or digital financial services (DFS) is a variety of innovative services, such as mobile commerce that uses a mobile phone as the primary payment user interface and allows mobile customers to conduct money transfers to pay for items such as goods at an online store, utility payments, fines and state fees, loan repayments, domestic and international remittances, mobile insurance and tickets for air and rail travel, all via their mobile phone. Multiplay customers are doubleplay 4G customers who also engaged in usage of one or more of our digital products at any time during the one month prior to such measurement date. Net debt is a non-IFRS financial measure and is calculated as the sum of interest-bearing long-term debt including capitalized leases and short-term notional debt minus cash and cash equivalents 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 long-term and short-term deposits were applied to repay such indebtedness. Net debt should not be considered in isolation as an alternative to long-term debt and short-term debt, or any other measure of our financial position. Net Promoter Score (NPS) is the methodology VEON uses to measure customer satisfaction. Relative NPS (rNPS) – advantage or gap in NPS when comparing to competition. 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 and Georgia (which now contributes only to 2021 full year results) and “HQ” represents transactions related to management activities within the group in Amsterdam, London and Dubai.

Trading update 1Q23 26 ATTACHMENT B: CUSTOMERS 1Q23 4Q22 QoQ 1Q22 YoY 1Q23 4Q22 QoQ 1Q22 YoY Pakistan 73.7 73.7 (0.0%) 75.0 (1.7%) Ukraine 24.3 24.8 (1.7%) 26.1 (6.7%) 1.1 1.1 (1.6%) 1.2 (7.0%) Bangladesh 38.7 37.6 3.0% 35.9 7.7% Kazakhstan 10.6 10.6 (0.3%) 10.1 4.6% 0.7 0.6 1.7% 0.6 12.0% Uzbekistan 8.4 8.4 (0.0%) 7.6 11.5% Kyrgyzstan 2.0 1.9 7.2% 2.0 1.6% Total 157.7 156.9 0.5% 156.6 0.7% 1.8 1.8 (0.4%) 1.8 (0.8%) Mobile Fixed-line broadband Note: The Russian, Algerian and Georgian operations do not contribute to both the comparison base and the actual reported numbers. ATTACHMENT C: RECONCILIATION OF LOCAL CURRENCY AND REPORTED GROWTH RATES 1Q23 COMPARED TO 1Q22 Local currency Forex and Other Reported Local currency Forex and Other Reported Pakistan 16.0% (36.4%) (20.4%) 12.0% (35.2%) (23.2%) Ukraine 6.0% (23.2%) (17.2%) 1.0% (22.2%) (21.2%) Bangladesh 17.7% (21.9%) (4.2%) 11.7% (20.7%) (9.0%) Kazakhstan 23.3% 0.2% 23.4% 37.9% 1.4% 39.3% Uzbekistan 24.0% (4.1%) 19.9% 9.7% (3.6%) 6.1% Total 15.3% (24.0%) (8.7%) 11.2% (24.7%) (13.5%) Total Revenue EBITDA ATTACHMENT D: RATES OF FUNCTIONAL CURRENCIES TO USD 1Q23 1Q22 YoY 1Q23 1Q22 YoY Pakistan Rupee 263.78 177.58 (48.5%) 283.62 183.32 (54.7%) Bangladeshi Taka 105.65 86.03 (22.8%) 106.07 86.22 (23.0%) Ukraine Hryvnia 36.57 28.55 (28.1%) 36.57 29.25 (25.0%) Kazakhstan Tenge 454.94 457.02 0.5% 448.05 458.20 2.2% Uzbekistan Som 11,341.23 10,965.80 (3.4%) 11,433.21 11,400.21 (0.3%) Kyrgyzstan Som 86.72 89.81 3.4% 87.42 83.31 (4.9%) Russian Ruble 72.77 86.07 15.4% 77.09 84.09 8.3% Georgia Lari 2.63 3.11 15.5% 2.55 3.10 17.8% Algeria Dinar 136.31 140.97 3.3% 135.83 142.71 4.8% Closing ratesAverage rates

Trading update 1Q23 27 READ REACH

veon-1q23presentationfin

1 1 VEON 1Q23 TRADING UPDATE Amsterdam, 4 May 2023 STRONG START TO THE YEAR AS REVENUE GROWTH ACCELERATES

2 2 AGENDA 1. OPENING 2. HIGHLIGHTS & BUSINESS UPDATE Nik Kershaw Kaan Terzioğlu 4. CLOSING REMARKS Kaan Terzioğlu 3. TRADING RESULTS Joop Brakenhoff

3 3 NOTICE TO READERS: IMPACT OF THE CONFLICT VEON's results and other financial information presented in these financial statements are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") based on internal management reporting, are the responsibility of management, and have not been externally audited, reviewed, or verified. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for any future period. The ongoing conflict between Russia and Ukraine and the sanctions imposed by the United States, member states of the European Union, the European Union itself, the United Kingdom, Ukraine and certain other nations, counter-sanctions by Russia and other legal and regulatory responses, as well as responses by our service providers, partners, suppliers and other counterparties, and the consequences of all of the foregoing have impacted and, if the conflict, sanctions and such responses continue or escalate, may significantly impact our results and aspects of our operations in Russia and Ukraine, and may significantly affect our results and aspects of our operations in the other countries in which we operate. We are closely monitoring events in Russia and Ukraine, as well as the possibility of the imposition of further sanctions in connection with the ongoing conflict between Russia and Ukraine and any resulting further rise in tensions between Russia and the United States, the United Kingdom and/or the European Union. Although our Russian operations are now classified as ‘held for sale’ and ‘discontinued operations’ and do not contribute to our comparison base or actual reported numbers in this release (except as specifically stated), our operations in Ukraine continue to be affected by the conflict. We hope that there will be a peaceful and amicable resolution and 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. The comprehensive sanctions on investment and vendors in Russia and the ongoing conflict between Russia and Ukraine have had a significant impact on the Company’s operations and business plans in Russia and Ukraine and may continue to have a significant impact on the Company’s operations and business plans in Ukraine. During the three months ended 31 March 2023, we have not recorded any impairment charges related to the Russian operations and have not recorded significant impairment charges related to the Ukrainian operations. However, we may need to record future impairment charges, which could be significant if the conflict continues or escalates and as more information becomes available to management. It is possible further impairment charges may rise to such a level on an accounting basis as to require additional analysis of true asset values in order to determine the true value of assets to be compared to liabilities as outlined in the provisions of our debt agreements. Due to the ongoing conflict between Russia and Ukraine and the consequences as mentioned above, the Company requires additional time to complete all necessary disclosures in its Annual Report on Form 20-F to be filed with the U.S. Securities and Exchange Commission (“U.S. SEC”) as well as its Dutch financial statements to be filed with the Autoriteit Financiële Markten (“AFM”), including completing its preparation of VEON’s consolidated financial statements and subsequently receiving the related audit report on the financial statements and internal control over financial reporting from its independent registered public accounting firm. As a result, VEON was not be able to file its Dutch financial statements with the AFM by April 30, 2023, nor its Annual Report on Form 20-F by May 1, 2023, the respective deadlines for filing. As VEON was not able to complete these filings by the prescribed deadlines (or the May 16, 2023 date for extension of the Form 20-F filing deadline provided by U.S. Securities Exchange Act Rule 12b-25), it cannot be ruled out that the AFM, Euronext, U.S. SEC or Nasdaq may, following the missed deadlines, take action against VEON, as previously reported.

4 4 DISCLAIMER VEON’s results presented in this trading update are, unless otherwise stated, based on IFRS and have not been externally reviewed and audited. The financial information included in this trading update is preliminary and is based on a number of assumptions that are subject to inherent uncertainties and subject to change. The financial information presented herein is based on internal management accounts, is the responsibility of management and is subject to financial closing procedures which have not yet been completed and has not been audited, reviewed or verified. Certain amounts and percentages that appear in this trading update have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, including those in the tables, may not be an exact arithmetic aggregation of the figures that precede or follow them. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the current period or any future period. This trading update contains “forward-looking statements”, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” and other similar words. Forward-looking statements include statements relating to, among other things, VEON’s plans to implement its strategic priorities, including operating model and development plans; anticipated performance, including VEON’s ability to generate sufficient cash flow; VEON’s assessment of the impact of the COVID-19 pandemic on its current and future operations and financial condition; VEON’s assessment of the impact of the conflict surrounding Russia and Ukraine, including related sanctions and counter-sanctions, on its current and future operations and financial condition; future market developments and trends; operational and network development and network investment, including expectations regarding the roll-out and benefits of 3G/4G/LTE networks, as applicable; 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 and to execute its strategic transactions in the timeframes anticipated, or at all; VEON’s ability to realize financial improvements, including an expected reduction of net pro-forma leverage ratio following the successful completion of certain dispositions and acquisitions; our dividends; completion of VEON’s sale of its Russian operations; and VEON’s ability to realize its targets and commercial initiatives in its various countries of operation. The forward-looking statements included in this trading update are based on management’s best assessment of VEON’s strategic and financial position and of future market conditions, trends and other potential developments. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of, among other things: further escalation in the conflict surrounding Russia and Ukraine, including further sanctions and counter-sanctions and any related involuntary deconsolidation of our Russian and/or Ukrainian operations; further unanticipated developments related to the COVID-19 pandemic, such as the effect on consumer spending, that has negatively affected VEON’s operations and financial condition in the past; demand for and market acceptance of VEON’s products and services; our plans regarding our dividend payments and policies, as well as our ability to receive dividends, distributions, loans, transfers or other payments or guarantees from our subsidiaries; continued volatility in the economies in VEON’s markets; governmental regulation of the telecommunications industries; general political uncertainties in VEON’s markets; government investigations or other regulatory actions; litigation or disputes with third parties or regulatory authorities or other negative developments regarding such parties; the impact of export controls and laws affecting trade and investment on our and important third-party suppliers' ability to procure goods, software or technology necessary for the services we provide to our customers; risks associated with data protection or cyber security, other risks beyond the parties’ control or a failure to meet expectations regarding various strategic priorities, the effect of foreign currency fluctuations, increased competition in the markets in which VEON operates and the effect of consumer taxes on the purchasing activities of consumers of VEON’s services. Certain other factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in VEON’s Annual Report on Form 20-F for the year ended 31 December 2021 filed with the U.S. Securities and Exchange Commission (the “SEC”) on 29 April 2022 and other public filings made from time to time by VEON with the SEC. Other unknown or unpredictable factors also could harm our future results. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward-looking statements in this press release be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date hereof. We cannot assure you that any projected results or events will be achieved. Except to the extent required by law, we disclaim any obligation to update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made, or to reflect the occurrence of unanticipated events. The sale of VEON’s Russian operations is subject to customary closing conditions, including receipt of requisite regulatory approvals and licenses from relevant government authorities. There can be no assurance that the requisite approvals will be received or that such sale will complete. Furthermore, elements of this release contain or may contain, “inside information” as defined under the Market Abuse Regulation (EU) No. 596/2014.

5 5 AGENDA 1. OPENING 2. HIGHLIGHTS & BUSINESS UPDATE Nik Kershaw Kaan Terzioğlu 4. CLOSING REMARKS Kaan Terzioğlu 3. TRADING RESULTS Joop Brakenhoff

6 6 1Q23 HIGHLIGHTS Capex investment remains focused on 4G network rollout CAPEX $90mn Positive EBITDA trends across all countries $385mn EBITDA -13.5% YoY Fifth quarter of double-digit local currency revenue growth +15.3% YoY local currency TOTAL REVENUE -8.7% YoY $884mn -49.0% YoY Encouraging Service revenue growth for the Group +15.9% YoY local currency SERVICE REVENUE -7.9% YoY $852mn +11.2% YoY local currency Solid growth in 4G subscriber base 88mn 4G USERS +18.2% YoY Strong Liquidity position for the group $3,040mn GROUP CASH $2,497mn at HQ Note: Amounts, 4G users and YoY performance exclude Russian operations, which were reclassified as ‘held for sale’ and ‘discontinued operations’ in 4Q22

7 7 ACCELERATING TOP LINE WITH DOUBLE-DIGIT GROWTH Note: Group revenue YoY performance is normalised for one-offs REVENUE PERFORMANCE YoY in local currency 9.4% 13.8% 13.0% 13.3% 15.4% 15.3% 20.1% 8.2% 13.4% 16.4% 16.4% 18.1% 19.0% 22.5% 12.5% 15.1% 3.9% 5.2% 8.7% 6.0% 13.2% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Apr-23 Group Group, excl. Ukraine Ukraine

8 8 2023 NOTES AMENDED WITH MATURITIES EXTENDED TO 4Q23 In the best interest of all stakeholders 3 Recent events VEON obtained remaining licences required to amend its 2023 Notes and VEON’s 2023 Notes have been amended 2023 Put Option Event Notice distributed on 5 April and during the 2023 Put Option Period holders of USD 459 million of 2023 notes exercised the put 1 Transaction details The maturity dates of the February 2023 and April 2023 notes have been amended to October 2023 and December 2023, respectively The put option was completed at 102% of principal amount plus accrued and unpaid interest to 2023 noteholders through the clearing systems 2 Outcomes Reduced risk of double payments of principal Maturities extended beyond intended closing of Russia transaction

9 9 4G GROWTH DRIVING DATA & DIGITAL REVENUES Note: 1Q21 and 1Q22 data and digital revenues on this slide adjusted for Georgia, which was sold in June 2022, and Russia, which is now accounted as asset held for sale Steady growth in 4G uptake Steady growth in data and digital revenues Data and digital revenues and YoY in local currency (USD million, excl. Ukraine) 57.1 74.5 88.1 38.8% 47.6% 55.9% 1Q21 1Q22 1Q23 320.3 349.3 357.2 20.1% 19.2% 25.5% 1Q21 1Q22 1Q23 +18.2% 4G users YoY growth +17.9% Data and digital revenues YoY growth in local currency 4G users and penetration (3 month active, million) +8.3p.p. 4G penetration YoY growth Mobile ARPU growth across all markets +7.6% to +18.3% YoY in local currency Solid growth in customer base 158mn mobile subscribers +0.7% YoY Network expansion focused on speed and quality 58k 4G Sites +21.0% YoY +25.5% Data and digital revenues YoY growth in local currency (excluding Ukraine)

10 10 1Q23 GROUP SERVICE REVENUE +15.9% YOY IN LOCAL CURRENCY Note: EBITDA in Kazakhstan was impacted by extraordinary non-recurring item in 1Q22 as noted in the Country Performance section of the 1Q23 results document +17.1% +12.0% EBITDA +24.6% +37.9% EBITDA +18.0% +11.7% EBITDA +24.0% +9.7% EBITDA +18.8% +33.7% EBITDA PAKISTAN KAZAKHSTAN BANGLADESH UZBEKISTAN KYRGYZSTAN +1.0% EBITDA UKRAINE +6.0% Service revenue Service revenue Service revenue Service revenue Service revenue Service revenue

11 11 UKRAINE Keeping Ukraine connected • Around 90% of the Kyivstar network remained operational at the end of 1Q23 as team remains focused on keeping Ukraine connected • Revenue increased 6.0% YoY with a positive EBITDA YoY performance despite the up to 34% YoY increase in electricity tariffs and 52% YoY increase in fuel prices. Charitable donations, employee and customer support continued, with UAH150 million in 1Q23 • Kyivstar remained focused on its “4G everywhere” with 81 more settlements connected to the 4G network as 4G penetration increased to 54.6% • Helsi, the country’s largest digital healthcare platform closed the quarter with over 25 million registered users 1Q23 RESULTS AND YOY TRENDS SERVICE REVENUE +6.0% CAPEX UAH 8.3bn 6.8 7.8 8.3 1Q21 1Q22 1Q23 9.7 12.7 13.3 38% 49% 55% 1Q21 1Q22 1Q23 +15.1% +14.9% +6.0% 0.8bn +18.4% UAH TOTAL REVENUE 8.3bn 4.9bn UAH +6.0% EBITDA +1.0% UAH 15% 21% 24% 10% 13% 16% 1Q21 1Q22 1Q23 Revenue share Share of monthly active users 4G USERS AND PENETRATION (3 month active, million) MULTIPLAY CUSTOMERS (B2C)1 SERVICE REVENUE AND YOY TRENDS (UAH Billion) 1. Revenue share and subscriber numbers based on the mobile B2C segment

12 12 HELSI The largest digital healthcare platform in Ukraine Users registered in the system 25 million +0.6% QoQ Active healthcare institutions 1,500 +32.1% QoQ Active doctors and specialists 33,500 +7.4% QoQ Appointments in 1Q23 1.8 million +16.8% QoQ

13 13 PAKISTAN Double-digit growth in both revenue and EBITDA • Continues to drive industry growth and gain market share despite negative macroeconomic environment with 47% YoY currency depreciation, 8.3 p.p. YoY increase in interest rates and average inflation at c.31.5% in 1Q23 • Double-digit revenue growth as Jazz continues to execute on its digital operator strategy. Encouraging momentum in our financial services offering with strong growth in service revenue in Mobilink Bank (+71.0% YoY) and JazzCash (+65.3% YoY) • Double-digit EBITDA growth even as fuel and electricity prices rose, up by c.80% and c.32% YoY, respectively in 1Q23 • Data and digital revenues increased 21.0% YoY driven by higher data usage per subscriber up 14.1% YoY and multiplay customers up 27.5% YoY reaching 23.0% of monthly active users supported by a portfolio of digital services, enabling more-for-more offers 1Q23 RESULTS AND YOY TRENDS SERVICE REVENUE 63.6bn +17.1% 3.7bn -75.3% PKR PKR 50.4 54.3 63.6 1Q21 1Q22 1Q23 28.7 36.7 43.1 41% 49% 58% 1Q21 1Q22 1Q23 +17.1% CAPEX +10.3% +7.8% TOTAL REVENUE 69.7bn 31.5bn PKR +16.0% EBITDA +12.0% PKR 28% 36% 46% 14% 17% 23% 1Q21 1Q22 1Q23 Revenue share Share of monthly active users 4G USERS AND PENETRATION (3 month active, million) SERVICE REVENUE AND YOY TRENDS (PKR Billion) MULTIPLAY CUSTOMERS (B2C)

14 14 JAZZCASH The most popular mobile financial services app in Pakistan MAU 14.6 million -6.7% YoY Active merchants 179,000 +23.6% YoY LTM Gross Transaction Value PKR 4.5 trillion +30.4% YoY LTM # of transactions 2.0 billion +9.4% YoY

15 15 TAMASHA Pakistan’s leading entertainment platform MAU 5.6 million 5.6x YoY Average DAU 914,000 5.2x YoY Daily watch time per user in 1Q23 30 min 2.4x YoY 15

16 16 KAZAKHSTAN Eighth consecutive quarter of revenue growth above 20% YoY • Continued strong execution of its Digital Operator strategy saw Beeline Kazakhstan gain further market share and sustaining its leadership position in NPS • Revenue growth accelerated recording the 8th consecutive quarter of YoY growth above 20%, supported by expansion in both the mobile and fixed line businesses • EBITDA in 1Q22 was impacted by one-off charitable donation (KZT 2.0bn). Adjusting for this one- off, EBITDA grew by 29.4% YoY - a strong result • Beeline Kazakhstan moved closer to VEON’s target of 70% 4G penetration in the customer base, with 68.7% penetration at the quarter end, supporting the 28.6% YoY growth in Multiplay customers and 29.1% YoY growth in Data and digital revenues 52.2 61.8 76.9 1Q21 1Q22 1Q23 5.3 6.7 7.3 56% 66% 69% 1Q21 1Q22 1Q23 31% 44% 54% 20% 31% 39% 1Q21 1Q22 1Q23 Revenue share Share of monthly active users +15.1% +18.4% +24.6% 4G USERS AND PENETRATION (3 month active, million) MULTIPLAY CUSTOMERS (B2C) SERVICE REVENUE AND YOY TRENDS (KZT Billion) 1Q23 RESULTS AND YOY TRENDS SERVICE REVENUE 76.9bn +24.6% 7.1bn +8.9% KZT KZT CAPEX TOTAL REVENUE 79.4bn 41.7bn KZT +23.3% EBITDA +37.9% KZT

17 17 SIMPLY Kazakhstan’s first mobile online-only neobank MAU 234,000 +87.3% YoY LTM Gross Transaction Value KZT 224 billion +34.1% QoQ LTM # of transactions 33 million +39.1% QoQ

18 18 BEETV Beeline Kazakhstan’s multiplatform entertainment service MAU on all platforms 720,000 +18.1% YoY MAU on mobile platform 509,000 +20.2% YoY Average DAU on mobile platform 35,000 -9.3% YoY Daily watch time per user in 1Q23 145 min +10.8% YoY 18

19 19 IZI First digital-only mobile operator in Kazakhstan MAU of IZI app 362,000 4.7 times YoY Monthly active mobile customers 173,000 +71.0% YoY Average daily active users 36,000 3.2 times YoY 19

20 20 BANGLADESH Strong start to the year gaining further market share • Successful network rollout and execution of Digital Operator strategy saw the fourth consecutive quarter of double-digit revenue growth. Banglalink made further gains in revenue and subscriber market share • Following 12 months of strong revenue performance Banglalink reported double digit growth in EBITDA as the network investment and market expansion delivers results • EBITDA increased by 11.7% YoY despite increase in electricity tariffs and fuel prices with strong focus on cost control and inflationary pricing • Subscriber base reached 38.7 million in 1Q23 (+7.7% YoY) with Multiplay customers of 4.5 million supported by the continued strong growth in Toffee MAU’s +84.3% 1Q23 RESULTS AND YOY TRENDS TOTAL REVENUE 14.6bn SERVICE REVENUE 5.3bn 14.4bn 3.1bn 11.2 12.2 14.4 1Q21 1Q22 1Q23 9.0 12.5 17.4 26% 35% 45% 1Q21 1Q22 1Q23 9% 18% 29% 4% 8% 14% 1Q21 1Q22 1Q23 Revenue share Share of monthly active users -1.7% +8.6% +18.0% EBITDA CAPEX -22.3% BDT +11.7% BDT 4G USERS AND PENETRATION (3 month active, million) MULTIPLAY CUSTOMERS (B2C) SERVICE REVENUE AND YOY TRENDS (BDT Billion) +18.0% BDTBDT +17.7%

21 21 TOFFEE The largest mobile entertainment platform in Bangladesh MAU 11.7 million +84.3% YoY Average DAU 2.0 million +96.4% YoY Daily watch time per user in 1Q23 11 min

22 22 UZBEKISTAN Fifth consecutive quarter of topline growth above 20% • Beeline Uzbekistan maintains its subscriber market share and leading NPS position • Revenue growth of 24.0% driven by growth in the customer base, higher number of 4G users and higher data usage up 35.0% YoY benefiting from the higher 4G penetration • EBITDA increased by 9.7% YoY, impacted by higher sim costs and other regulatory fees • Data and digital revenues increased 27.3% YoY as Beeline Uzbekistan reported 38.2% YoY growth in multiplay customers with their penetration reaching 36.4% 472.8 580.4 719.6 1Q21 1Q22 1Q23 3.4 4.7 5.7 50% 62% 68% 1Q21 1Q22 1Q23 42% 47% 57% 27% 28% 36% 1Q21 1Q22 1Q23 Revenue share Share of monthly active users -8.7% +22.8% +24.0% 4G USERS AND PENETRATION (3 month active, million) MULTIPLAY CUSTOMERS (B2C) SERVICE REVENUE AND YOY TRENDS (UZS Billion) 1Q23 RESULTS AND YOY TRENDS SERVICE REVENUE 719.6bn +24.0% 87.4bn +54.0% UZS UZS CAPEX TOTAL REVENUE 719.9bn 320.3bn UZS +24.0% EBITDA +9.7% UZS

23 23 BEEPUL Beeline Uzbekistan’s mobile financial services platform MAU 294,000 +15.2% YoY LTM Gross Transaction Value UZS 4.4 trillion +43.2% YoY LTM # of Transactions 61 million +4.4% YoY 23

24 24 OUR SELF-CARE PLATFORMS Enable higher engagement and customer retention MyBeeline UZ MyBeeline KGMy Kyivstar 3.5mn Monthly active users -1.0% YoY 15.8% Penetration in A1M subs +0.9p.p. YoY 4.5mn Monthly active users +19.8% YoY 38.3% Penetration in A1M subs +3.0p.p. YoY 0.6mn Monthly active users +68.8% YoY 36.8% Penetration in A1M subs +18.1p.p. YoY JazzWorld 12.2mn Monthly active users +15.9% YoY 19.3% Penetration in A1M subs +3.0p.p. YoY MyBeeline KZ 4.0mn Monthly active users +23.7% YoY 40.6% Penetration in A1M subs +6.1p.p. YoY MyBL 6.2mn Monthly active users +71.5% YoY 18.8% Penetration in A1M subs +7.1p.p. YoY Note: A1M subs – one-month active subscribers

25 25 AGENDA 1. OPENING 2. HIGHLIGHTS & BUSINESS UPDATE Nik Kershaw Kaan Terzioğlu 4. CLOSING REMARKS Kaan Terzioğlu 3. TRADING RESULTS Joop Brakenhoff

26 26 1Q23 HIGHLIGHTS EBITDA margin at 43.6% with continued strong focus on cost control EBITDA $385mn +11.2% YoY local currency LTM Capex intensity trending lower to 19.8%1 $90mn CAPEX -49.0% YoY Local currency revenue growth continues to accelerate +15.3% YoY local currency TOTAL REVENUE -8.7% YoY $884mn -13.5% YoY Strong growth in Data & Digital revenues supporting service revenue growth +15.9% YoY local currency SERVICE REVENUE -7.9% YoY $852mn HQ net debt reduced to USD1.6 billion2 $2,709mn NET DEBT -39.3% QoQ Marked reduction in gross debt as a result of purchase of bonds by Russia2 $5,714mn GROSS DEBT -23.6% QoQ 1. Adjusted for the acquisition of a new office building in Uzbekistan in 2Q22 2. Amounts exclude Russian operations, which were reclassified as ‘held for sale’ and ‘discontinued operations’ in 4Q22

27 27 1Q23 REVENUES Accelerating local currency revenue growth • Reported revenue growth for the Group was impacted by significant YoY depreciation of local currencies particularly in Pakistan, Ukraine and Bangladesh 1,104 884392 292 174 170 66 12 (2) (220) Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and eliminations Group in constant currency FX impact Group Total revenue 1Q23 results YoY trends TOTAL REVENUE $884mn +15.3% local currency -8.7% SERVICE REVENUE $852mn Service revenue Local currency YoY growth +6.0%+16.0% +17.7% +24.0%+23.3% +15.3% +15.9%+6.0%+17.1% +18.0% +24.0%+24.6% +18.8% +18.8% +15.9% local currency -7.9% Note: Countries’ revenues are in constant currency; “Other” includes HQ and eliminations REVENUE IN 1Q23 (USD million)

28 28 491 385 177 172 92 62 29 5 (46) (106) Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and eliminations Group in constant currency FX impact Group 1Q23 EBITDA AND EBITDA MARGIN Positive local currency EBITDA growth across all markets 1Q23 results YoY trends EBITDA $385mn +11.2% local currency -13.5% EBITDA MARGIN 43.6% +1.0%+12.0% +9.7%+37.9%Local currency YoY growth +11.7% +11.2% • Inflation rose across operations negatively impacting energy costs which increased +c.41% YoY for the Group • Kazakhstan EBITDA was impacted by c.USD 4.4 million one-off extraordinary charitable donation in 1Q22 and therefore the normalized growth rate for EBITDA is 29.4% • Excluding the Kazakhstan one-off, normalised Group EBITDA increased by 10.1% YoY in local currency -2.5 p.p. +33.7% Note: Countries’ EBITDA are in constant currency; “Other” includes HQ and eliminations EBITDA IN 1Q23 (USD million)

29 29 1Q23 DEBT AND LIQUIDITY UPDATE 31 Mar 2023 vs. 31 Dec 2022 GROSS DEBT -23.6% QoQ $5.7bn NET DEBT $2.7bn LEVERAGE INCL. LEASES 1.61x LEVERAGE EXCL. LEASES 1.29x -39.3% QoQ CASH • Total cash USD 3.0 billion, with USD 2.5 billion held at the HQ level • Operations remain largely self funding DEBT • VEON was informed that, as of 31 March 2023, PJSC VimpelCom has independently acquired USD 1.6 billion of VEON Holdings B.V.' notes to satisfy certain Russian regulatory obligations. PJSC VimpelCom has funded the purchase primarily by issuing new ruble-denominated notes of longer maturity • Following the purchase of the notes by PJSC VimpelCom, HQ net debt declined to USD 1.7 billion • The amendments to the 2023 Notes pursuant to the Scheme of Arrangement have been implemented after receiving the required licenses • The Put Option for 2023 Notes was completed with holders of USD 459 million of 2023 notes exercised the put Note: The sale of VEON’s Russian operations is subject to customary closing conditions, including receipt of requisite regulatory approvals and licenses from relevant government authorities. There can be no assurance that the requisite approvals will be received or that such sale will complete. 2.56x in 4Q22 2.36x in 4Q22

30 30 GROUP DEBT AND LIQUIDITY AS OF 31 MARCH 2022 LEGEND: USD RUB PKR BDT UAH UZS EUR OTHER CASH NET DEBT (EXCLUDING LEASES) GROSS DEBT Total gross debt excl. leases USD 4.9bn USD 3.0bn USD 1.9bn CAPITALIZED LEASES USD 0.8bn USD 2.5bn cash at HQ (>99% of HQ cash is in USD and EUR) DEBT AND CASH CURRENCY MIX NET DEBT AND LEASES CURRENCY MIX Post-IFRS 16 leverage 1.61x Leverage 1.29x 67% 18% 27% 84% 6% 4% 2% 1% 1% 78% 7% 11% 2%1% USD 5.7bn 1% 25% 40% 20% 14%

31 31 RUSSIA’S DEBT AND LIQUIDITY AS OF 31 MARCH 2022 1. Lease liabilities in Russia are related to towers, shops and other “right-of-use” assets Note: Russia data reflects operations based within Russia alone and excludes intercompany debt DEBT AND CASH NET DEBT AND LEASES Post-IFRS 16 leverage 2.7x Leverage 1.6x Total gross debt excl. leases USD 2.7bn • VEON was informed that, as of 31 March 2023, PJSC VimpelCom has independently acquired USD 1.6 billion of VEON Holdings' notes to satisfy certain Russian regulatory obligations. PJSC VimpelCom has funded the purchase primarily by issuing new ruble-denominated notes of longer maturity GROSS DEBT $4.4bn CASH $0.2bn NET DEBT (excl. lease liabilities) $2.5bn CAPITALIZED LEASES $1.7bn

32 32 DEBT MATURITY DEBT MATURITY SCHEDULE AS OF 31 MARCH 2023 (USD billion) • USD 1.04 billion of debt maturing in next 12 months, excluding RCF • USD 1,055 million outstanding under the RCF, can be rolled over until the final maturity of the RCF: USD 250 million and USD 805 million of the total commitments under RCF matures in 2024 and 2025 respectively • In April 2023, the Scheme of Arrangement was completed with extension of 2023 Notes’ maturities to 4Q23 • In April 2023, holders of USD 459 million of 2023 notes exercised the put 1 1.44 1.06 0.49 Cash and cash equivalents (USD billion) Operating companies Headquarters (RCF) Headquarters (other) 3.02 0.25 0.81 0.76 0.56 1.90 0.20 1.26 0.06 0.05 0.12 2023 2024 2025 2026 2027 2028 2029 >2029 1. As of 31 March 2023 USD RUB PKR BDT UAH OTHER RCF

33 33 DEBT MANAGEMENT UPDATE • The higher cost of debt vs. 4Q22 was impacted by the reclassification of bonds purchased by Russia to intercompany debt as well as the increased interest rates on floating PKR debt • Debt cost reflects blended rate of borrowings, mainly USD, RUB and PKR (average USD cost 5.1%). Average debt maturity excluding RCF is 2.7 • Amendments to the 2023 notes pursuant to the Scheme of Arrangement have been implemented and the maturity dates of the February 2023 and April 2023 notes are now moved to October and December 2023, respectively AVERAGE COST OF DEBT (%) AVERAGE MATURITY OF DEBT (years) 5.9% 6.1% 6.3% 6.9% 7.7% 7.0% 6.8% 6.7% 7.0% 7.0% 5.0% 5.0% 5.0% 5.0% 4.6% 4.6% 4.6% 5.1% 5.1% 4.8% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 1Q23 pro-forma Average cost of debt, total Average cost of USD debt 3.4 3.3 3.2 3.3 3.3 3.2 2.9 2.7 2.7 2.9 3.0 2.7 2.4 2.3 2.5 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 1Q23 pro-forma Debt maturity excluding RCF Debt maturity with RCF Note: 1Q23 pro-forma average cost of debt and average maturity of debt represent impact of put option executed by holders of USD 459 million of 2023 notes in April 2023

34 34 AGENDA 1. OPENING 2. HIGHLIGHTS & BUSINESS UPDATE Nik Kershaw Kaan Terzioğlu 4. CLOSING REMARKS Kaan Terzioğlu 3. TRADING RESULTS Joop Brakenhoff

35 35 2023 OUTLOOK We reiterate our full-year guidance • As we execute on our strategy across the Group, our 2023 local currency guidance for both revenue and EBITDA growth remains at 10%-14% • VEON’s 2023 outlook for the Group’s capex intensity is in the range of 18%-20% 1Q23 Actual FY 2023 Guidance Total Revenue +15.3% YoY in local currency 10%-14% local currency growth EBITDA +11.2% YoY in local currency LTM Capex intensity 20.3% 18%-20% Note: See “Disclaimer” on slide 4 above for a discussion of factors that could cause actual results to differ from expectations.

36 36 Executing on asset-light portfolio • Continued work on monetizing towers assets4 Driving growth and expanding margin • Execution on “4G for all” and “Digital Operator” • Strengthen position for accelerating growth 3 Focus on capital structure • Aim to finalize the Scheme of Arrangement (completed) • Material deleverage of the Group 2 Russia sale • Aim to conclude Russia sale transaction1 Unlocking shareholder value • Assessing local listings5 2023 AMBITIONS We are progressing towards our full-year ambitions

37 37 Q&A VEON 1Q23 TRADING UPDATE

38 38 THANK YOU! ir@veon.com Tel: +31 (0)20 79 77 200 VEON 1Q23 TRADING UPDATE

39 39 APPENDIX VEON 1Q23 TRADING UPDATE

40 40 DIGITAL OPERATOR STRATEGY DELIVERING RESULTS RE AD PAY ARPU Multiple Churn Impact 1. Revenue share and subscriber numbers based on the mobile B2C segment Note: Voice only – customers using only voice services, 2play 4G – Doubleplay 4G customers, Multiplay – Multiplay customers Multiplay customers (B2C) 23% 30% 39% 12% 16% 22% 1Q21 1Q22 1Q23 Single play and no play revenue Double play revenue Multiplay revenue Share of multiplay customers 1.0x 3.4x 3.5x Voice only 2play 4G Multiplay 1.0x 0.7x 0.5x Voice only 2play 4G Multiplay

41 41 REVENUE IN 1Q23 (USD million) 1Q23 REVENUES • Reported revenue growth for the Group was impacted by significant YoY depreciation of local currencies particularly in Pakistan, Ukraine and Bangladesh 1Q23 results YoY trends TOTAL REVENUE $884mn +15.3% local currency -8.7% SERVICE REVENUE $852mn +15.9% local currency -7.9% Note: Countries’ revenues are in constant currency; “Other” includes HQ and eliminations 884 269 228 175 138 63 13 (2) Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and eliminations Group Total revenue Service revenue Local currency YoY growth +6.0%+16.0% +17.7% +24.0%+23.3% +15.3% +15.9%+6.0%+17.1% +18.0% +24.0%+24.6% +18.8% +18.8%

42 42 1Q23 EBITDA AND EBITDA MARGIN 1Q23 results YoY trends EBITDA $385mn +11.2% local currency -13.5% EBITDA MARGIN 43.6% EBITDA IN 1Q23 (USD million) • Inflation rose across operations negatively impacting energy costs which increased +c.41% YoY for the Group • Kazakhstan EBITDA was impacted by c.USD 4.4 million one-off extraordinary charitable donation in 1Q22 and therefore the normalized growth rate for EBITDA is 29.4% • Excluding the Kazakhstan one-off, normalised Group EBITDA increased by 10.1% YoY in local currency -2.5 p.p. Note: Countries’ EBITDA are in constant currency; “Other” includes HQ and eliminations 385122 135 92 50 28 5 (46) Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and eliminations Group +1.0%+12.0% +9.7%+37.9%Local currency YoY growth +11.7% +11.2%+33.7%

43 43 DEBT BY ENTITY1 1. Excluding lease liabilities 31 MARCH 2023 (USD MILLION EQUIVALENT) Outstanding debt Type of debt Entity Bonds Loans Cash-pool overdrafts and other Total VEON Holdings B.V. 3,089 1,055 - 4,144 Pakistan Mobile Communications Limited - 529 22 551 Banglalink Digital Communications Ltd. - 115 - 115 Private Joint Stock Company Kyivstar - 59 - 59 Other 7 10 24 41 Total 3,096 1,768 46 4,910 PJSC VimpelCom (classified as ‘held for sale’) 1,554 1,167 - 2,721

44 44 LEASE LIABILITIES (PRINCIPAL) USD, million Local currency, million 31 March 2023 31 December 2022 31 March 2023 31 December 2022 Pakistan 197 227 55,735 51,419 Ukraine 161 148 5,872 5,398 Bangladesh 325 329 34,506 33,900 Kazakhstan 76 61 34,104 28,176 Uzbekistan 32 30 360,876 338,251 Other 5 5 428 434 Headquarters 9 10 9 10 Total 804 809

45 45 DEBT MATURITY Debt maturity schedule 2023-2024 as of 31 March 2023 DEBT MATURITY SCHEDULE 2023-2024 (pro-forma due to amendment of 2023 Notes)1 (Millions) 1. As per the amended terms of the notes, the notes become subject to a put at 102%, which due to the specified mechanics to exercise the put should only be exercisable by international investors 2. Assuming RCF rollover till maturity in March 2024 • USD 1,055 million outstanding under the RCF, can be rolled over until the final maturity of the RCF in 2024 (USD 250 million) and in 2025 (USD 805 million) Maturity period Sep 2023 Oct1 2023 Dec1 2023 Dec 2023 2023 other Mar 2024 Mar2 2024 Jun 2024 Sep 2024 2024 other Outstanding debt, USD equivalent 21 206 434 21 80 21 250 226 21 45 Outstanding debt, debt currency PKR 6,027 USD 206 USD 434 UAH 760 MIX PKR 6,027 USD 250m USD 226m PKR 6,027 MIX Entity Pakistan Mobile Communicati ons Limited VEON Holdings B.V. VEON Holdings B.V. Kyivstar Other Pakistan Mobile Communicati ons Limited VEON Holdings B.V. VEON Holdings B.V. Pakistan Mobile Communicati ons Limited Other

46 46 UKRAINE REVENUE (UAH Billion) EBITDA1 (UAH Billion) 4G USERS AND PENETRATION (3 months active, million) +6.0% YoY +1.0% YoY 7.5 7.9 7.4 7.7 8.2 8.3 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 4.8 4.9 4.6 4.4 4.5 4.9 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 12.1 12.7 11.6 12.1 13.1 13.3 46% 49% 47% 50% 53% 55% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 # of 4G sites 4G population coverage Data Usage per subscriber VENTURES Kyivstar TV MAU DIGITAL OPERATOR Self-care apps MAU 3.5mn (-1.0% YoY) INFRASTRUCTURE 17.0k (+23.9% YoY) 1.0mn (+27.7% YoY) ARPU94.1% (+3.8p.p. YoY) UAH 106 (+13.3% YoY) 9.5Gb (+23.4% YoY) Total mobile subscribers# of physical sites 13.7k 24.3mn Multiplay customers (B2C), MAU 3.1mn 1. One-offs negatively impacting EBITDA: extraordinary charitable donations and employee support in 1Q22 (UAH 216.5mn), in 2Q22 (UAH 148.9mn), in 3Q22 (UAH 279.0mn) and in 4Q22 (UAH 229.5mn) 2. Sum of monthly active users of the app and of the web version of the platform Helsi MAU2 2.2mn (acquired in 3Q22)

47 47 EBITDA1 (PKR Billion) PAKISTAN 1. One-off reversal positively impacting revenue (PKR 6.6 billion) and EBITDA (PKR 20.2 billion) in 4Q22 2. Includes users who are active in more than one application +16.0% YoY REVENUE1 (PKR Billion) 4G USERS AND PENETRATION (3 months active, million) VENTURES JazzCash MAU Entertainment apps MAU2 14.6mn (-6.7% YoY) 9.0mn (2.4x YoY) 26.6 28.1 29.7 26.5 49.8 31.5 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 59.4 60.1 63.5 64.2 73.9 69.7 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 35.0 36.7 38.2 40.6 41.3 43.1 48% 49% 51% 54% 56% 58% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 13.5mn # of 4G sites 4G population coverage Data Usage per subscriber DIGITAL OPERATOR Self-care apps MAU 12.2mn (+15.9% YoY) INFRASTRUCTURE 14.1k (+8.4% YoY) ARPU66.0% PKR 285 (+16.9% YoY) 5.8Gb (+14.1% YoY) Total mobile subscribers# of sites 15.3k 73.7mn +12.0% YoY Multiplay customers (B2C), MAU

48 48 EBITDA2 (KZT Billion) KAZAKHSTAN 1. One-offs negatively impacting revenue in 4Q22: accounting adjustment for revenue recognition of bundles (KZT 3.0 billion) 2. One-offs impacting EBITDA: tax incentive for radio frequencies positively in 4Q21 (KZT 0.6 billion), extraordinary charitable donations negatively in 1Q22 (KZT 2.0 billion) that were reclassified below EBITDA in 2Q22 3. Includes users of more than one product +23.3% YoY +37.9% YoY REVENUE1 (KZT Billion) 4G USERS AND PENETRATION (3 months active, million) VENTURES 6.3 6.7 7.1 7.2 7.2 7.3 64% 67% 69% 69% 68% 69% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 66.0 64.4 70.7 78.7 79.2 79.4 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 35.8 40.2 38.3 41.7 30.2 39.1 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 BeeTV MAU 720k (+18.1% YoY) FinTech MAU2 2.5mn (+9.8% YoY) 3.4mn # of 4G sites 4G population coverage Data Usage per subscriber DIGITAL OPERATOR Self-care apps MAU 4.0mn (+23.7% YoY) INFRASTRUCTURE 7.3k (+28.6% YoY) ARPU87.7% (+6.2p.p. YoY) KZT 1,902 (+4.6% YoY) 17.5Gb (+25.1% YoY) Total mobile subscribers# of sites 7.3k 10.6mn Big Data & AdTech Revenue Growth +76.4% YoY Multiplay customers (B2C), MAU

49 49 BANGLADESH +17.7% YoY +11.7% YoY REVENUE (BDT Billion) EBITDA (BDT Billion) 4G USERS AND PENETRATION (3 months active, million) VENTURES Toffee TV MAU 11.7mn (+84.3% YoY) 12.3 12.4 13.2 13.8 14.4 14.6 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 5.2 4.7 4.9 5.1 4.7 5.3 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 12.0 12.5 13.5 15.0 16.1 17.4 34% 35% 37% 41% 43% 45% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 4.5mn # of 4G sites 4G population coverage Data Usage per subscriber DIGITAL OPERATOR Self-care apps MAU 6.2mn (+71.5% YoY) INFRASTRUCTURE 14.3k (+29.1% YoY) ARPU81.6% (+9.3p.p. YoY) BDT 126 (+9.9% YoY) 5.0Gb (+17.9% YoY) Total mobile subscribers# of sites 14.3k 38.7mn Multiplay customers (B2C), MAU

50 50 EBITDA2 (UZS Billion) UZBEKISTAN 1. One-off positively impacting total revenue: reversal of excise tax provision in 3Q22 (UZS 6.6 billion) 2. One-offs positively impacting EBITDA: provision reversals (UZS 222 billion) in 2Q22, reversal of excise tax provision in 3Q22 (UZS 6.6 billion) 3. Includes users who are active in more than one application REVENUE1 (UZS Billion) 4G USERS AND PENETRATION (3 months active, million) VENTURES 4.3 4.7 4.8 4.8 5.5 5.7 61% 62% 62% 62% 66% 68% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 544.7 580.8 620.0 664.7 709.7 719.9 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Beepul MAU 294k (+15.2% YoY) 2.6mn # of 4G sites 4G population coverage Data Usage per subscriber DIGITAL OPERATOR Self-care apps MAU 3.0mn (+21.0% YoY) INFRASTRUCTURE 3.9k (+24.9% YoY) ARPU78.0% (+16.0p.p. YoY) UZS 28,098 (+7.6% YoY) 8.9Gb (+35.0% YoY) Total mobile subscribers# of sites 4.2k 8.4mn 240.1 292.0 502.0 302.8 274.7 320.3 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 +9.7% YoY Entertainment apps MAU3 1.2mn (+0.5% YoY) +24.0% YoY Multiplay customers (B2C), MAU

51 51 RECONCILIATION TABLES Extract from VEON Ltd.’s 1Q23 trading update RECONCILIATION OF LOCAL CURRENCY AND REPORTED GROWTH RATES - 1Q23 COMPARED TO 1Q22 Local currency Forex and Other Reported Local currency Forex and Other Reported Pakistan 16.0% (36.4%) (20.4%) 12.0% (35.2%) (23.2%) Ukraine 6.0% (23.2%) (17.2%) 1.0% (22.2%) (21.2%) Bangladesh 17.7% (21.9%) (4.2%) 11.7% (20.7%) (9.0%) Kazakhstan 23.3% 0.2% 23.4% 37.9% 1.4% 39.3% Uzbekistan 24.0% (4.1%) 19.9% 9.7% (3.6%) 6.1% Total 15.3% (24.0%) (8.7%) 11.2% (24.7%) (13.5%) Total Revenue EBITDA

52 52 DEFINITIONS 4G users are mobile customers who have engaged in revenue-generating activity during the three months prior to the measurement date as a result of activities over fourth-generation (4G or LTE – long term evolution) network technologies. ARPU (average revenue per user) measures the monthly average revenue per mobile user. We generally calculate mobile ARPU by dividing our mobile service revenue during the relevant period (including data revenue, roaming revenue, MFS and interconnect revenue, but excluding revenue from connection fees, sales of handsets and accessories and other non-service revenue), by the average number of our mobile customers during the period and the number of months in that period. Capital expenditures (capex) are purchases of property and equipment, new construction, upgrades, software, other long-lived assets and related reasonable costs incurred prior to intended use of the non-current asset, accounted at the earliest event of advance payment or delivery. Purchase of licenses and capitalized leases are not included in capital expenditures. Capex intensity is a ratio, which is calculated as last-twelve-months (LTM) capex divided by LTM total revenue. Data and digital revenues include data revenue, revenues from mobile financial services and from digital entertainment. Digital services monthly active users (“MAU”) is a gross total of monthly active users of all digital products and services offered by an entity or by VEON Group and includes MAUs who are active in more than one application Discontinued operations means that under IFRS, the results of discontinued operations that are presented separately in current and prior year income statements and have no impact on prior year balance sheet amounts. Following the exercise of the put option for our stake in Algeria on 1 July 2021, the Algerian business was, in line with the IFRS 5 requirements, a discontinued operation, and was accounted for as “Asset held for sale”. This means that its operations do not contribute to the base performance of VEON for the prior year, and from the balance sheet perspective, it was measured at the lower of (i) the carrying amount of the discontinued business; and (ii) its fair market value, less costs to sell. Any deviation from this value in respect of the final valuation resulted in a gain/loss, which was accounted for as a profit/loss from discontinued operations. Doubleplay 4G customers are mobile B2C customers who engaged in usage of our voice and data services over 4G (LTE) technology at any time during the one month prior to such measurement date. EBITDA is a non-IFRS financial measure and is called “Adjusted EBITDA” in the Form 20-F published by VEON. VEON calculates Adjusted EBITDA as (loss)/profit before interest, tax, depreciation, amortization, impairment, gain/loss on disposals of non-current assets, other non-operating gains/losses and share of profit/loss of joint ventures and associates. Our Adjusted EBITDA may be helpful in evaluating our performance against other telecommunications companies that provide EBITDA. Additionally, a limitation of EBITDA’s use as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenue or the need to replace capital equipment over time. EBITDA margin is calculated as EBITDA divided by total revenue, expressed as a percentage. Equity free cash flow is a non-IFRS measure and is defined as free cash flow from operating activities less cash flow used in investing activities excluding license payments, principal amount of lease payments, balance movements in Pakistan banking, M&A transactions, inflow/outflow of deposits, financial assets and other one-off items. Fixed-mobile convergence customer (FMC customer) is a customer on a one-month active broadband connection subscribing to a converged bundle consisting of at least a fixed internet subscription and at least one mobile SIM. Gross Debt is calculated as the sum of long-term notional debt and short-term notional debt including capitalized leases. Local currency trends (growth/decline) in revenue and EBITDA are non-IFRS financial measures that reflect changes in Revenue and EBITDA, excluding foreign currency movements and other factors, such as businesses under liquidation, disposals, mergers and acquisitions, including the sale of operations in Georgia and the classification of Algeria and Russia as discontinued operations. Mobile customers 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”). Mobile data customers are mobile customers who have engaged in revenue-generating activity during the three months prior to the measurement date as a result of activities including USB modem Internet access using 2.5G/3G/4G/HSPA+ technologies. Mobile financial services (MFS) or digital financial services (DFS) is a variety of innovative services, such as mobile commerce that uses a mobile phone as the primary payment user interface and allows mobile customers to conduct money transfers to pay for items such as goods at an online store, utility payments, fines and state fees, loan repayments, domestic and international remittances, mobile insurance and tickets for air and rail travel, all via their mobile phone. Multiplay customers are doubleplay 4G customers who also engaged in usage of one or more of our digital products at any time during the one month prior to such measurement date. Net debt is a non-IFRS financial measure and is calculated as the sum of interest-bearing long-term debt including capitalized leases and short-term notional debt minus cash and cash equivalents 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 long-term and short-term deposits were applied to repay such indebtedness. Net debt should not be considered in isolation as an alternative to long-term debt and short-term debt, or any other measure of our financial position. Net Promoter Score (NPS) is the methodology VEON uses to measure customer satisfaction. Relational NPS (rNPS) – advantage or gap in NPS comparing to competition. Revenues from telecommunications services (Telco revenues) are revenues generated by VEON from data, voice, connectivity, television, and similar services, regardless of medium of transmission, including transmission by satellite. Non-telco revenues are revenues generated by VEON from other products and services, e.g., sale of equipment and devices, entertainment and content, MFS, Machine-to-Machine, post-transactional management services, and sub-leasing income. VEON’s reportable segments are the following, which are principally based on business activities in different geographical areas: Pakistan, Ukraine, Kazakhstan, Uzbekistan and Bangladesh. We also present our results of operations for “Others” and “HQ” separately, although these are not reportable segments. “Others” represents our operations in Kyrgyzstan and Georgia (which now contributes only to 2021 full year results) and “HQ” represents transactions related to management activities within the group in Amsterdam, London and Dubai. The comparative information for the Group is restated following the exercise of the put option for our stake in Algeria on 1 July 2021 and sale of Russian operations announced on 24 November 2022, in line with the requirements of IFRS 5

veon-factbook1q2023

VEON Average and closing rates of functional currencies to USD Index sheet Consolidated VEON Long Name ISO code 1Q23 1Q22 YoY 1Q23 1Q22 YoY Consolidated VEON Pakistan Rupee PKR 263.78 177.58 (48.5%) 283.62 183.32 (54.7%) Customers Bangladeshi Taka BDT 105.65 86.03 (22.8%) 106.07 86.22 (23.0%) Pakistan Ukraine Hryvnia UAH 36.57 28.55 (28.1%) 36.57 29.25 (25.0%) Bangladesh Kazakhstan Tenge KZT 454.94 457.02 0.5% 448.05 458.20 2.2% Ukraine Uzbekistan Som UZS 11,341.23 10,965.80 (3.4%) 11,433.21 11,400.21 (0.3%) Kazakhstan Kyrgyzstan Som KGS 86.72 89.81 3.4% 87.42 83.31 (4.9%) Uzbekistan Russian Ruble RUB 72.77 86.07 15.4% 77.09 84.09 8.3% Georgia Lari GEL 2.63 3.11 15.5% 2.55 3.10 17.8% Algeria Dinar DZD 136.31 140.97 3.3% 135.83 142.71 4.8% Euro EUR 0.93 0.89 (4.5%) 0.92 0.90 (2.1%) Average rates Closing rates

VEON index page (in USD millions, unless stated otherwise, unaudited) Consolidated* 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 FY20 FY21 FY22 Total revenue 913 966 983 988 968 957 890 940 884 3,482 3,850 3,755 Service revenue 876 928 944 942 925 919 854 901 852 3,355 3,690 3,600 EBITDA 442 448 502 448 446 464 380 453 385 1,625 1,840 1,743 EBITDA margin (%) 48.4% 46.4% 51.0% 45.3% 46.0% 48.5% 42.7% 48.2% 43.6% 46.7% 47.8% 46.4% EBIT 254 256 284 956 231 224 339 246 n.a. 855 1,751 1,039 Profit/(Loss) before tax 131 124 124 813 211 113 134 217 n.a. 405 1,192 676 Net income/(loss) attributavle to VEON shareholders 129 101 145 299 (140) 135 (512) 200 n.a. (349) 674 (317) CAPEX 193 189 149 277 177 206 187 263 90 1,785 808 832 LTM CAPEX / LTM Total revenue 65.5% 78.7% 133.4% 21.0% 20.3% 20.8% 22.2% 22.1% 20.3% 24.5% 21.0% 20.3% Equity Free Cash Flow after licenses 9 (59) 168 (52) (56) (282) 168 16 n.a. 30 66 (154) *Notes: For definitions please see VEON Ltd.’s trading update published on its website on the date hereof * Prior year comparatives restated for two previous years from the last year reported in this factbook ** Pre-IFRS16 values (values before adjustments related to IFRS16)

VEON index page (in millions) Mobile customers 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 FY20 FY21 FY22 Pakistan 62.0 62.8 64.2 66.4 69.2 69.8 71.4 72.6 75.0 75.5 75.0 73.7 73.7 66.4 72.6 73.7 Bangladesh 33.6 32.1 32.8 33.2 34.3 34.4 34.8 35.1 35.9 36.3 37.0 37.6 38.7 33.2 35.1 37.6 Ukraine 26.0 25.4 25.8 25.9 25.7 25.9 26.3 26.2 26.1 24.8 24.4 24.8 24.3 25.9 26.2 24.8 Uzbekistan 7.7 7.1 6.8 6.8 6.8 6.8 6.8 7.1 7.6 7.8 8.1 8.4 8.4 6.8 7.1 8.4 Kazakhstan 9.6 9.4 9.7 9.5 9.5 9.6 9.8 9.9 10.1 10.3 10.5 10.6 10.6 9.5 9.9 10.6 Other 4.3 4.0 4.1 3.3 3.1 3.2 3.3 3.3 3.4 2.1 2.2 1.9 2.0 3.3 3.3 1.9 Total 143.3 140.9 143.5 145.1 148.6 149.7 152.3 154.1 158.0 156.7 157.2 156.9 157.7 145.1 154.1 156.9 Fixed line customers 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 FY20 FY21 FY22 Pakistan - - - - - - - - - - - - - - - - Bangladesh - - - - - - - - - - - - - - - - Ukraine 1.0 1.0 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.2 1.1 Uzbekistan 0.0 - - - - - - - - - - - - - - - Kazakhstan 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.7 0.5 0.6 0.6 Other 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 - - - - - 0.0 0.0 - Total 1.6 1.6 1.6 1.6 1.7 1.7 1.7 1.8 1.8 1.8 1.7 1.8 1.8 1.6 1.8 1.8

Pakistan index page (in USD millions, unless stated otherwise, unaudited) MOBILE 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 FY20 FY21 FY22 Total revenue 316 288 303 325 347 370 349 341 338 325 289 332 269 1,233 1,408 1,285 Service revenue 293 266 278 297 318 340 320 307 306 296 263 304 246 1,134 1,285 1,169 EBITDA 147 133 188 144 156 161 173 153 158 152 120 224 122 612 643 654 EBITDA margin (%) 46.4% 46.1% 62.1% 44.4% 44.9% 43.5% 49.5% 44.8% 46.8% 46.8% 41.3% 67.6% 45.2% 49.7% 45.7% 50.9% CAPEX 68 85 20 76 92 89 58 79 84 57 27 91 14 249 318 258 Data Revenue 102.2 97.8 107.3 119.0 129.0 135.7 137.2 132.4 138.8 137.0 122.1 123.5 110.6 426 534 521 Customers (mln) 62.0 62.8 64.2 66.4 69.2 69.8 71.4 72.6 75.0 75.5 75.0 73.7 73.7 66.4 72.6 73.7 ARPU (USD) 1.6 1.4 1.4 1.5 1.6 1.6 1.5 1.4 1.4 1.3 1.2 1.3 1.1 n.a. n.a. n.a. MOU (min) 500 475 469 472 464 450 431 437 428 423 396 416 427 n.a. n.a. n.a. MBOU 3,027 3,624 3,941 4,268 4,539 4,940 5,064 4,815 5,215 5,530 5,724 5,898 5,950 n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 4.1% 3.6% 4.3% 5.0% 3.8% 5.4% 4.6% 5.1% 3.5% 5.5% 6.7% 8.0% 6.5% n.a. n.a. n.a. (in Local Currency billions, unless stated otherwise, unaudited) MOBILE 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 FY20 FY21 FY22 Total revenue 49.3 47.1 50.7 52.3 55.0 57.2 57.3 59.4 60.1 63.5 64.2 73.9 69.7 199 229 262 Service revenue 45.7 43.4 46.5 47.8 50.4 52.5 52.5 53.6 54.3 57.7 58.4 67.7 63.6 183 209 238 EBITDA 22.9 21.7 31.4 23.2 24.7 24.8 28.4 26.6 28.1 29.7 26.5 49.8 31.5 99 105 134 EBITDA margin (%) 46.4% 46.1% 62.0% 44.4% 44.9% 43.4% 49.6% 44.8% 46.8% 46.8% 41.2% 67.4% 45.2% 49.8% 45.7% 51.2% CAPEX 10.7 13.9 3.3 12.3 14.6 13.7 9.5 13.9 14.9 11.2 6.0 20.3 3.7 40 52 52 Data Revenue 15.9 16.0 17.9 19.1 20.5 20.9 22.5 23.1 24.6 26.8 27.1 27.5 28.6 69 87 106 Customers (mln) 62.0 62.8 64.2 66.4 69.2 69.8 71.4 72.6 75.0 75.5 75.0 73.7 73.7 66.4 72.6 73.7 ARPU (PKR) 247.3 230.6 241.8 241.4 246.0 249.4 245.5 246.0 243.6 253.5 256.0 300.1 284.6 n.a. n.a. n.a. MOU (min) 500 475 469 472 464 450 431 437 428 423 396 416 427 n.a. n.a. n.a. MBOU 3,027 3,624 3,941 4,268 4,539 4,940 5,064 4,815 5,215 5,530 5,724 5,898 5,950 n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 4.1% 3.6% 4.3% 5.0% 3.8% 5.4% 4.6% 5.1% 3.5% 5.5% 6.7% 8.0% 6.5% n.a. n.a. n.a. Additional KPI's 4G network coverage 54% 56% 56% 59% 54% 55% 55% 55% 56% 56% 57% 57% 66% 59% 55% 57% 4G mobile customer penetration (3 Months active) 29% 30% 35% 38% 41% 44% 47% 48% 49% 51% 54% 56% 58% 38% 48% 56% Notes: For definitions please see VEON Ltd.’s trading update published on its website on the date hereof ** Pre-IFRS16 values (values before adjustments related to IFRS16)

Bangladesh index page (in USD millions, unless stated otherwise, unaudited) MOBILE 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 FY20 FY21 FY22 Total revenue 137 130 136 134 135 140 145 143 144 148 144 140 138 537 564 576 Service revenue 134 128 133 131 132 137 143 141 142 146 141 138 136 527 553 566 EBITDA 59 54 60 55 55 56 62 61 55 56 53 46 50 228 235 210 EBITDA margin (%) 43.0% 41.4% 43.9% 40.9% 41.1% 40.3% 42.5% 42.7% 38.2% 37.5% 37.3% 32.9% 36.3% 42.4% 41.6% 36.5% CAPEX 44 15 18 49 26 16 12 35 47 57 49 43 30 126 88 196 Data Revenue 31.3 34.6 33.3 33.8 35.3 39.9 43.9 41.4 42.5 46.7 47.0 48.3 46.7 133 160 184 Customers (mln) 33.6 32.1 32.8 33.2 34.3 34.4 34.8 35.1 35.9 36.3 37.0 37.6 38.7 33.2 35.1 37.6 ARPU (USD) 1.3 1.3 1.4 1.3 1.3 1.3 1.4 1.3 1.3 1.3 1.3 1.2 1.2 n.a. n.a. n.a. MOU (min) 228.5 211.8 231.3 224.2 222.7 220.2 221.3 219.1 213.3 216.0 216.0 207.6 202.2 n.a. n.a. n.a. MBOU 1,936 2,506 2,326 2,422 2,805 3,600 4,150 4,152 4,383 4,694 5,120 5,532 5,166 n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 7.5% 6.7% 4.8% 7.8% 6.2% 6.3% 5.9% 7.8% 6.6% 6.8% 6.5% 7.6% 6.6% n.a. n.a. n.a. (in Local Currency billions, unless stated otherwise, unaudited) MOBILE 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 FY20 FY21 FY22 Total revenue 11.6 11.1 11.5 11.4 11.4 11.8 12.4 12.3 12.4 13.2 13.8 14.4 14.6 46 48 54 Service revenue 11.4 10.9 11.3 11.1 11.2 11.6 12.1 12.1 12.2 12.9 13.6 14.1 14.4 45 47 53 EBITDA 5.0 4.6 5.1 4.6 4.7 4.8 5.2 5.2 4.7 4.9 5.1 4.7 5.3 19 20 20 EBITDA margin (%) 43.0% 41.4% 43.9% 40.9% 41.1% 40.3% 42.5% 42.7% 38.2% 37.5% 37.2% 32.9% 36.3% 42.4% 41.6% 36.4% CAPEX 3.7 1.3 1.6 4.1 2.2 1.3 1.0 3.0 4.0 5.0 4.8 4.4 3.1 11 8 18 Data Revenue 2.7 2.9 2.8 2.9 3.0 3.4 3.7 3.5 3.7 4.1 4.5 5.0 4.9 11 14 17 Customers (mln) 33.6 32.1 32.8 33.2 34.3 34.4 34.8 35.1 35.9 36.3 37.0 37.6 38.7 33.2 35.1 37.6 ARPU (BDT) 113 110 116 112 111 113 117 115 114 119 123 121 126 n.a. n.a. n.a. MOU (min) 228 212 231 224 223 220 221 219 213 216 216 208 202 n.a. n.a. n.a. MBOU 1,936 2,506 2,326 2,422 2,805 3,600 4,150 4,152 4,383 4,694 5,120 5,532 5,166 n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 7.5% 6.7% 4.8% 7.8% 6.2% 6.3% 5.9% 7.8% 6.6% 6.8% 6.5% 7.6% 6.6% n.a. n.a. n.a. Additional KPI's 4G network coverage 52% 52% 53% 60% 67% 68% 69% 69% 72% 77% 79% 81% 82% 60% 69% 81% 4G mobile customer penetration (3 Months active) 17% 20% 21% 24% 26% 29% 33% 34% 35% 37% 40% 43% 45% 24% 34% 43% Notes: For definitions please see VEON Ltd.’s trading update published on its website on the date hereof ** Pre-IFRS16 values (values before adjustments related to IFRS16)

Ukraine index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 FY20 FY21 FY22 Total revenue 238 223 236 237 245 257 270 282 276 252 219 224 228 933 1,055 971 EBITDA 161 151 160 157 167 173 183 181 171 156 126 123 135 630 704 575 EBITDA margin (%) 67.8% 67.8% 67.8% 66.5% 68.1% 67.4% 67.6% 64.2% 61.9% 61.8% 57.4% 54.7% 59.0% 67.5% 66.8% 59.2% CAPEX 38 58 39 44 39 53 44 68 23 35 51 67 21 179 204 176 MOBILE Total revenue (Mobile) 221 208 220 220 227 239 251 262 257 236 204 209 214 869 980 906 Service Revenue (Mobile) 221 208 220 220 227 239 251 262 257 236 204 209 214 869 980 906 Data Revenue 119.7 117.0 124.7 127.2 137.2 143.0 151.1 159.0 151.5 136.0 118.6 120.3 122.3 489 590 527 Customers (mln) 26.0 25.4 25.8 25.9 25.7 25.9 26.3 26.2 26.1 24.8 24.4 24.8 24.3 25.9 26.2 24.8 ARPU (USD) 2.8 2.7 2.8 2.8 2.9 3.1 3.2 3.3 3.3 3.1 2.8 2.8 2.9 n.a. n.a. n.a. MOU (min) 603 641 621 651 633 620 595 621 624 567 557 559 551 n.a. n.a. n.a. MBOU 4,948 5,160 5,953 6,081 6,308 6,379 7,129 7,291 7,912 8,097 9,245 9,208 9,760 n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 4.2% 5.4% 2.6% 3.6% 3.9% 3.1% 3.3% 4.2% 3.6% 7.9% 5.3% 2.9% 4.7% n.a. n.a. n.a. FIXED-LINE Total revenue (Fixed) 15 14 14 15 16 17 17 18 17 15 14 13 13 59 68 59 Service revenue (Fixed) 15 14 14 15 16 17 17 18 17 15 14 13 13 59 68 59 FTTB revenue 10 10 9 9 10 11 11 11 10 9 7 8 9 38 43 35 FTTB customers (mln) 1.0 1.0 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.2 1.1 FTTB ARPU (USD) 3.2 3.1 2.9 2.8 3.1 3.1 3.1 3.1 2.9 2.6 2.2 2.3 2.6 n.a n.a n.a (in Local Currency millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 FY20 FY21 FY22 Total revenue 5,950 6,009 6,502 6,697 6,842 7,094 7,275 7,537 7,874 7,370 7,656 8,192 8,346 25,158 28,748 31,092 EBITDA 4,040 4,075 4,411 4,452 4,658 4,783 4,915 4,839 4,871 4,555 4,391 4,484 4,921 16,979 19,196 18,301 EBITDA margin (%) 67.9% 67.8% 67.8% 66.5% 68.1% 67.4% 67.6% 64.2% 61.9% 61.8% 57.4% 54.7% 59.0% 67.5% 66.8% 58.9% CAPEX 964 1,561 1,076 1,251 1,077 1,462 1,190 1,822 659 1,032 1,815 2,453 780 4,851 5,551 5,960 MOBILE Total revenue (Mobile) 5,530 5,593 6,065 6,229 6,357 6,597 6,766 6,993 7,339 6,891 7,125 7,660 7,830 23,418 26,712 29,014 Service Revenue (Mobile) 5,530 5,593 6,065 6,229 6,357 6,597 6,766 6,993 7,339 6,891 7,125 7,660 7,830 23,418 26,712 29,014 Data Revenue 3,004 3,149 3,443 3,595 3,837 3,946 4,066 4,243 4,323 3,980 4,134 4,400 4,472 13,191 16,092 16,837 Customers (mln) 26.0 25.4 25.8 25.9 25.7 25.9 26.3 26.2 26.1 24.8 24.4 24.8 24.3 25.9 26.2 24.8 ARPU (UAH) 70.3 72.4 78.5 79.8 81.6 84.3 86.1 88.0 93.1 89.9 96.3 103.3 105.5 n.a. n.a. n.a. MOU (min) 603 641 621 651 633 620 595 621 624 567 557 559 551 n.a. n.a. n.a. MBOU 4,948 5,160 5,953 6,081 6,308 6,379 7,129 7,291 7,912 8,097 9,245 9,208 9,760 n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 4.2% 5.4% 2.6% 3.6% 3.9% 3.1% 3.3% 4.2% 3.6% 7.9% 5.3% 2.9% 4.7% n.a. n.a. n.a. FIXED-LINE Total revenue (Fixed) 384 388 399 430 451 464 465 480 483 449 477 470 463 1,602 1,859 1,879 Service revenue (Fixed) 384 388 399 430 451 464 465 480 483 449 477 470 463 1,602 1,859 1,879 FTTB revenue 248 257 259 266 291 295 297 298 297 266 273 290 319 1,030 1,180 1,127 FTTB customers (mln) 1.0 1.0 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.2 1.1 FTTB ARPU (UAH) 81.0 82.6 81.3 80.5 85.3 85.0 84.3 83.2 82.1 75.0 79.8 85.5 93.6 n.a n.a n.a Additional KPI's 4G network coverage 77% 81% 84% 86% 87% 89% 89% 90% 90% 93% 93% 94% 94% 86% 90% 94% 4G mobile customer penetration 30% 31% 34% 36% 38% 40% 44% 46% 49% 47% 50% 53% 55% 36% 46% 53% Notes: For definitions please see VEON Ltd.’s trading update published on its website on the date hereof ** Pre-IFRS16 values (values before adjustments related to IFRS16)

Kazakhstan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 FY20 FY21 FY22 Total revenue 118 111 122 128 128 137 150 154 141 160 166 169 175 479 569 636 EBITDA 63 61 64 76 66 72 86 83 66 88 85 82 92 265 307 321 EBITDA margin (%) 53.6% 54.7% 52.9% 59.7% 51.5% 52.3% 57.6% 54.2% 46.5% 55.3% 51.1% 48.3% 52.5% 55.3% 54.0% 50.4% CAPEX 25 28 17 49 21 24 24 66 14 19 39 50 16 119 135 123 MOBILE Total revenue (Mobile) 99 92 102 107 106 115 128 130 130 144 112 134 139 401 478 519 Service Revenue (Mobile) 98 92 100 103 102 111 122 123 124 140 106 127 134 392 459 497 Data Revenue 47.8 47.7 50.3 53.5 57.5 65.2 69.3 73.2 74.3 85.7 56.1 77.0 81.4 199 265 293 Customers (mln) 9.6 9.4 9.7 9.5 9.5 9.6 9.8 9.9 10.1 10.3 10.5 10.6 10.6 9.5 9.9 10.6 ARPU (USD) 3.3 3.2 3.5 3.5 3.6 3.9 4.2 4.1 4.0 4.7 3.4 4.0 4.2 n.a. n.a. n.a. MOU (min) 298 332 336 322 311 334 326 309 314 298 284 262 237 n.a. n.a. n.a. MBOU 7,677 8,729 9,795 11,258 12,194 12,261 13,330 14,430 14,303 14,974 15,835 17,207 17,893 n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 16.2% 9.1% 7.2% 10.7% 7.7% 6.0% 6.4% 6.5% 5.8% 6.2% 6.4% 6.8% 7.3% n.a. n.a. n.a. FIXED-LINE Total revenue (Fixed) 18 19 20 21 22 23 23 24 12 15 54 36 36 78 91 117 Service revenue (Fixed) 18 19 20 21 22 23 23 24 12 15 54 36 36 78 91 116 FTTB revenue 8 9 9 9 10 10 11 11 10 11 11 13 14 34 42 45 FTTB customers (mln) 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.7 0.5 0.6 0.6 FTTB ARPU (USD) 5.8 6.3 6.5 6.4 6.7 6.8 6.7 6.5 5.7 6.2 6.2 6.7 7.0 n.a n.a n.a (in Local Currency millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 FY20 FY21 FY22 Total revenue 45,954 46,361 50,949 54,511 53,702 58,855 63,930 66,022 64,436 70,716 78,710 79,196 79,417 197,775 242,509 293,057 EBITDA 24,628 25,325 26,933 32,488 27,678 30,796 36,809 35,777 30,233 39,092 40,180 38,279 41,702 109,373 131,060 147,784 EBITDA margin (%) 53.6% 54.6% 52.9% 59.6% 51.5% 52.3% 57.6% 54.2% 46.9% 55.3% 51.0% 48.3% 52.5% 55.3% 54.0% 50.4% CAPEX 9,914 11,610 7,088 20,883 8,652 10,232 10,173 28,611 6,561 8,551 18,535 23,407 7,143 49,495 57,667 57,054 MOBILE Total revenue (Mobile) 38,812 38,583 42,547 45,547 44,490 49,157 54,282 55,809 59,002 63,902 53,194 62,492 63,226 165,489 203,738 238,589 Service Revenue (Mobile) 38,213 38,336 41,643 43,681 42,976 47,700 51,994 52,913 56,380 61,834 50,455 59,416 60,768 161,873 195,583 228,084 Data Revenue 18,635.8 19,921.6 21,025.0 22,800.6 24,157.3 27,929.2 29,495.2 31,463.6 33,883.6 37,924.2 26,644.7 36,031.4 37,016.1 82,383 113,045 134,484 Customers (mln) 9.6 9.4 9.7 9.5 9.5 9.6 9.8 9.9 10.1 10.3 10.5 10.6 10.6 9.5 9.9 10.6 ARPU (KZT) 1,283.1 1,341.5 1,448.4 1,501.4 1,501.0 1,658.8 1,776.9 1,781.4 1,818.2 2,061.1 1,612.7 1,866.7 1,901.6 n.a. n.a. n.a. MOU (min) 298 332 336 322 311 334 326 309 314 298 284 262 237 n.a. n.a. n.a. MBOU 7,677 8,729 9,795 11,258 12,194 12,261 13,330 14,430 14,303 14,974 15,835 17,207 17,893 n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 16.2% 9.1% 7.2% 10.7% 7.7% 6.0% 6.4% 6.5% 5.8% 6.2% 6.4% 6.8% 7.3% n.a. n.a. n.a. FIXED-LINE Total revenue (Fixed) 7,143 7,778 8,402 8,964 9,212 9,698 9,648 10,213 5,434 6,814 25,516 16,704 16,191 32,286 38,771 54,468 Service revenue (Fixed) 7,116 7,759 8,380 8,943 9,191 9,649 9,630 10,206 5,389 6,781 25,478 16,663 16,179 32,198 38,676 54,312 FTTB revenue 3,329 3,579 3,773 3,891 4,173 4,465 4,481 4,598 4,478 4,815 5,351 5,932 6,199 14,572 17,716 20,577 FTTB customers (mln) 0.44 0.46 0.46 0.49 0.51 0.52 0.54 0.56 0.58 0.60 0.62 0.64 0.65 0.5 0.6 0.6 FTTB ARPU (KZT) 2,589 2,641 2,716 2,727 2,797 2,913 2,836 2,787 2,610 2,723 2,937 3,141 3,196 n.a n.a n.a Additional KPI's 4G network coverage 69% 72% 75% 76% 77% 79% 80% 81% 82% 84% 86% 87% 88% 76% 81% 87% 4G mobile customer penetration 44% 44% 50% 54% 56% 59% 62% 64% 66% 69% 69% 68% 69% 54% 64% 68% Notes: In Kazakhstan, revenues from certain products allocated on fixed-line business in 1Q22 and 2Q22 were re-allocated in 3Q22 on mobile business without any impact on total revenues within either of these periods or for the full year of 2022. For more information please see VEON Ltd.’s trading update published on its website on the date hereof For definitions please see VEON Ltd.’s trading update published on its website on the date hereof ** Pre-IFRS16 values (values before adjustments related to IFRS16)

Uzbekistan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 FY20 FY21 FY22 Total revenue 55 48 48 47 45 47 51 51 53 56 61 64 63 198 194 233 EBITDA 25.4 20.1 5.7 17.0 22.3 18.0 26.4 22.4 26.6 45.5 27.7 24.6 28.2 68 89 124 EBITDA margin (%) 46.4% 42.0% 11.9% 36.0% 49.5% 38.2% 51.7% 44.1% 50.3% 81.6% 45.6% 38.7% 44.5% 34.5% 45.9% 53.4% CAPEX 5 21 12 14 12 3 6 14 5 35 16 5 8 52 36 61 MOBILE Total revenue (Mobile) 54 47 48 47 45 47 51 50 53 56 61 63 63 196 193 232 Service Revenue (Mobile) 54 47 48 47 45 47 51 50 53 56 61 63 63 196 193 232 Data Revenue 31.3 25.3 26.0 28.5 28.7 30.7 30.9 32.1 36.1 38.3 42.1 42.9 43.9 111.0 122.4 159.5 Customers (mln) 7.7 7.1 6.8 6.8 6.8 6.8 6.8 7.1 7.6 7.8 8.1 8.4 8.4 6.8 7.1 8.4 ARPU (USD) 2.3 2.1 2.3 2.3 2.2 2.3 2.5 2.4 2.4 2.4 2.5 2.5 2.5 n.a. n.a. n.a. MOU (min) 598 642 692 674 681 733 737 730 684 697 677 655 632 n.a. n.a. n.a. MBOU 2,816 3,292 4,192 4,684 4,703 5,034 5,559 6,231 6,726 7,007 7,903 8,714 9,082 n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 17% 20% 16% 14% 13% 13% 14% 12% 11% 16% 13% 12% 11% n.a. n.a. n.a. FIXED-LINE Total revenue (Fixed) 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 1.1 0.9 0.7 Service revenue (Fixed) 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 1.1 0.9 0.7 (in Local Currency billions, unless stated otherwise, unaudited) CONSOLIDATED 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 FY20 FY21 FY22 Total revenue 522 480 492 492 474 495 543 545 581 620 665 710 720 1,985 2,057 2,575 EBITDA 242 202 59 177 235 189 281 240 292 502 303 275 320 680 944 1,372 EBITDA margin (%) 46.4% 42.0% 12.0% 36.0% 49.5% 38.2% 51.7% 44.1% 50.3% 81.0% 45.6% 38.7% 44.5% 34.2% 45.9% 53.3% CAPEX 49 212 122 146 128 34 65 151 57 390 180 54 87 529 379 681 MOBILE Total revenue (Mobile) 518 477 488 488 470 492 540 541 579 618 663 707 719 1,970 2,044 2,566 Service Revenue (Mobile) 515 476 488 487 470 492 540 541 579 618 663 705 718 1,967 2,043 2,564 Data Revenue 298.1 253.9 266.0 296.1 301.5 323.1 329.1 345.3 396.5 425.6 460.8 479.4 497.6 1,114 1,299 1,762 Customers (mln) 7.7 7.1 6.8 6.8 6.8 6.8 6.8 7.1 7.6 7.8 8.1 8.4 8.4 6.8 7.1 8.4 ARPU (UZS) 21,573 21,282 23,087 23,531 22,850 23,932 26,256 25,742 26,121 26,606 27,470 27,982 28,098 n.a. n.a. n.a. MOU (min) 598 642 692 674 681 733 737 730 684 697 677 655 632 n.a. n.a. n.a. MBOU 2,816 3,292 4,192 4,684 4,703 5,034 5,559 6,231 6,726 7007 7903 8714 9082 n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 17% 20% 16% 14% 13% 13% 14% 12% 11% 16% 13% 12% 11% n.a. n.a. n.a. FIXED-LINE Total revenue (Fixed) 3.1 2.9 2.7 2.7 2.5 2.2 2.2 2.6 1.9 1.8 1.9 2.6 1.2 11 9 8 Service revenue (Fixed) 3.1 2.9 2.7 2.7 2.5 2.2 2.2 2.6 1.9 1.8 1.9 2.6 1.2 11 9 8 Additional KPI's 4G network coverage 26% 34% 47% 52% 60% 61% 61% 62% 62% 67% 75% 78% 78% 52% 62% 78% 4G mobile customer penetration (3 Months active) 37% 39% 43% 46% 50% 54% 57% 61% 62% 62% 64% 66% 68% 46% 61% 66% Notes: For definitions please see VEON Ltd.’s trading update published on its website on the date hereof ** Pre-IFRS16 values (values before adjustments related to IFRS16)