VEON · VEON Ltd.

VEON's 2025 Integrated Annual Report marks a transformative year, with digital service customers surpassing connectivity users for the first time in Q4 2025 (205.8 million vs 150.2 million). Group revenues grew 9.9% YoY to USD 4,399 million, driven by 14.2% local currency growth, while EBITDA rose 18.8% to USD 2,009 million (24.2% local currency growth), reflecting disciplined cost management and digital monetization. Direct digital revenues surged 62.5% YoY, accounting for 17.3% of total revenues (20.1% in Q4). Key strategic milestones include Kyivstar's Nasdaq listing on August 15, 2025, the first Ukrainian company on a U.S. exchange, and acquisitions of Uklon (ride-hailing) and Tabletki.ua (healthcare price comparison). VEON also launched Starlink Direct-to-Cell services in Ukraine, the first European operator to do so. The Board authorized a USD 100 million share buyback and adopted a capital allocation policy targeting at least USD 100 million annual shareholder returns. ESG foundations were strengthened with a Group-wide ESG policy and three-year strategy, and energy efficiency improved with 1,906 hybrid BTS sites (up from 1,085). Management emphasized the milestone of digital users exceeding connectivity users, stating it demonstrates VEON is building a digital operator. The report provides a comprehensive view of VEON's operational and financial performance, positioning the company for continued digital growth.