VEON · VEON Ltd.

VEON's AGM saw overwhelming shareholder approval with 99.55% representation, signaling strong confidence in the Board's leadership and strategic direction. The re-election of the entire slate, including high-profile figures like former U.S. Secretary of State Michael R. Pompeo and UK politician Rt. Hon. Sir Brandon Lewis CBE, alongside founder Augie K Fabela II for his third term as Chairman, underscores continuity in executing the digital operator model. Chairman Fabela highlighted execution in high-growth frontier markets, emphasizing AI-powered tools, digital financial services, and disciplined capital allocation, now formalized with a share buyback policy targeting at least USD 100 million annually to shareholders. This builds on the November 2025 USD 100 million buyback authorization. Financial performance supports this optimism: FY25 delivered revenue of USD 4.4 billion (9.9% YoY growth) and EBITDA of USD 2.0 billion (18.8% YoY growth), with margin expansion to 45.7%. Direct digital revenues surged 62.5% YoY to USD 759 million, reaching 20.1% of total revenue in 4Q25, driven by 205.8 million active digital service customers surpassing connectivity subscribers. Additional approvals for UHY LLP as auditor ensure compliance. These outcomes position VEON to sustain value creation through digital transformation and shareholder returns.