# EDGAR Filing Document

**Accession Number:** 0001468091
**File Stem:** 0001468091-23-000032
**Filing Date:** 2023-3
**Character Count:** 161840
**Document Hash:** 1ca4e319f23af5c0834d65745de6b98a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001468091-23-000032.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001468091-23-000032

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 90

**CONFORMED PERIOD OF REPORT**: 20230316

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VEON Ltd.
- **CENTRAL INDEX KEY:** 0001468091
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO TELEPHONE COMMUNICATIONS [4812]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34694
- **FILM NUMBER:** 23738147

**BUSINESS ADDRESS:**
- **STREET 1:** CLAUDE DEBUSSYLAAN 88
- **CITY:** AMSTERDAM
- **STATE:** P7
- **ZIP:** 1082 MD
- **BUSINESS PHONE:** 31 20 797 7200

**MAIL ADDRESS:**
- **STREET 1:** CLAUDE DEBUSSYLAAN 88
- **CITY:** AMSTERDAM
- **STATE:** P7
- **ZIP:** 1082 MD

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VimpelCom Ltd.
- **DATE OF NAME CHANGE:** 20091005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New Spring Co Ltd.
- **DATE OF NAME CHANGE:** 20090709

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

    

**FORM 6-K**

**Report of Foreign Private Issuer**

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

**the Securities Exchange Act of 1934**

**For the month of March 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 ⌧ Form 40-F □

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): □.

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): □.

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**Information contained in this report**

On March 16, 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.

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**<u>EXHIBIT INDEX</u>**

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description of Exhibit</u> |
| <u>[99.1](a4q22earningsreleasefina.htm)</u> | <u>[Press Release, dated March 16, 2023](a4q22earningsreleasefina.htm)</u> |
| <u>[99.2](a4q22resultspresentation.htm)</u> | <u>[Presentation Materials, dated March 16, 2023](a4q22resultspresentation.htm)</u> |
| <u>[99.3](factbook4q2022.htm)</u> | <u>[Supplemental Factbook, dated March 16, 2023](factbook4q2022.htm)</u> |

---

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**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. | VEON LTD. |
| | (Registrant) | (Registrant) |
| Date: March 16, 2023 |  |  |
|  | By: | /s/ Kaan Terzioğlu |
|  | Name: | Kaan Terzioğlu |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

![](a4q22earningsreleasefina001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRELIMINARY FOURTH QUARTER & FULL YEAR 2022 RESULTS SALE OF RUSSIA WILL LEAD TO A SIGNIFICANT REDUCTION IN DEBT

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![](a4q22earningsreleasefina002.jpg)

Preliminary Results 4Q22 and FY22 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 67 million relating to banking operations in Pakistan. 4G USERS +19.4% YoY 53.9% penetration 85 million USD 940 million REVENUE -4.9% YoY +18.6% YoY in local currency SERVICE REVENUE -4.4% YoY +19.2% YoY in local currency CAPEX -5.1% YoY Capex intensity 22.1% USD 901 million USD 263 million TOTAL CASH AND CASH EQUIVALENTS +37.9% YoY USD 2.5 billion at HQ USD 3.1 billion MOBILE CUSTOMERS +2.7% YoY DATA AND DIGITAL REVENUES -7.5% YoY +15.8% YoY in local currency USD 474 million 157 million EBITDA +1.2% YoY +30.1% YoY in local currency USD 453 million Q4 2022 HIGHLIGHTS

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![](a4q22earningsreleasefina003.jpg)

Preliminary Results 4Q22 and FY22 3 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 67 million relating to banking operations in Pakistan. 4G USERS +19.4% YoY 53.9% penetration 85 million USD 3,755 million REVENUE -2.4% YoY +14.0% YoY in local currency SERVICE REVENUE -2.4% YoY +13.9% YoY in local currency CAPEX +2.9% YoY Capex intensity 22.1% USD 3,600 million USD 832 million TOTAL CASH AND CASH EQUIVALENTS +37.9% YoY USD 2.5 billion at HQ USD 3.1 billion MOBILE CUSTOMERS +2.7% YoY DATA AND DIGITAL REVENUES -0.7% YoY +16.5% YoY in local currency USD 1,937 million 157 million EBITDA -5.3% YoY +12.6% YoY in local currency USD 1,743 million FY 2022 HIGHLIGHTS

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Preliminary Results 4Q22 and FY22 4 Amsterdam, 16 March 2023 07:00 CET: 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 fourth quarter and full year ended 31 December 2022, excluding the results of the Russian operations, as they were classified as 'held for sale' and 'discontinued operations' in 4Q22: In Q4 2022, VEON's local currency performance accelerated sharply with total revenues of USD 940 million, -4.9% YoY in reported currency (+18.6% YoY in local currency), service revenues were USD 901 million, -4.4% YoY in reported currency (+19.2% in local currency), and EBITDA was USD 453 million, +1.2% YoY in reported currency (+30.1% YoY in local currency). For FY 2022, VEON's total revenues amounted to USD 3,755 million, -2.4% YoY in reported currency (+14.0% YoY local currency), service revenues were USD 3,600 million, -2.4% YoY in reported currency (+13.9% YoY in local currency), and EBITDA was USD 1,743 million, -5.3% YoY in reported currency (+12.6% YoY local currency). Full-year capex of USD 832 million was 2.9% higher than in 2021, with capex intensity up 1.1 p.p. as the company invested in 4G network expansion. Total cash and cash equivalents were USD 3.1 billion, with USD 2.5 billion held at the HQ level. In the final quarter of 2022, we added further operational momentum and recorded double-digit local currency revenue growth in five of our countries, doubling the growth rate from a year ago. With our Russian operations now classified as 'held for sale' and 'discontinued operations' and not contributing to Group revenues, VEON's topline growth in local currency for the full year 2022 was 14.0%. Furthermore, the sale of Russia will result in the significant deleveraging of the Group balance sheet. While we are smaller in size, we are now a faster growing company, serving emerging markets with strong potential demand for the services that VEON's Digital Operator 1440 model offers. In 2022, each of our operations achieved significant growth, both in terms of financial performance and the operational metrics that underpin our business. Our local operating companies collectively added 14 million 4G customers, bringing 4G-powered digital 'multiplay' users to 22% of our subscriber base while growing ARPU and customer engagement by providing more relevant connected services for our core telecom users. This strong operational performance has continued and YTD February 2023 local currency revenues are up by 15.2% YoY and local currency EBITDA up by 11.8% YoY. With continued focus on operational performance as well as financial discipline and liquidity management, including our strong liquidity position at year-end, we are well positioned to deliver growth while significantly deleveraging VEON's balance sheet and enhancing VEON's credit profile in 2023. Kaan Terzioğlu commented on the results: " "

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![](a4q22earningsreleasefina005.jpg)

Preliminary Results 4Q22 and FY22 5 VEON Group USD million 2022 2021 YoY reported YoY local currency 4Q22 4Q21 YoY reported YoY local currency Total revenue, of which: 3,755 3,850 (2.4%) 14.0% 940 988 (4.9%) 18.6% Total service revenue 3,600 3,690 (2.4%) 13.9% 901 942 (4.4%) 19.2% Data and digital revenues 1,937 1,950 (0.7%) 15.7% 474 512 (7.5%) 14.6% EBITDA 1,743 1,840 (5.3%) 12.6% 453 448 1.2% 30.1% Profit / (loss) for the period (164) 801 n.m. 214 341 (37.3%) Profit / (loss) for the period attr. to VEON shareholders (317) 674 n.m. 200 299 (33.1%) Capex 832 808 2.9% 263 277 (5.1%) Capex intensity 22.1% 21.0% 1.1p.p. Equity Free Cash Flow 142 141 0.7% Licenses payments (296) (76) (291.8%) Equity Free Cash Flow (after licenses) (154) 66 n.m. Cash and cash equivalents 3,106 2,252 37.9% Cash and cash equivalents at HQ level 2,532 1,640 54.4% Net debt 4,461 8,123 (45.1%) Net debt, excluding leases 3,657 5,471 (33.2%) Total customers (millions) 160.5 156.3 2.7% Mobile customers (millions) 156.9 152.8 2.7% 4G users (millions) 84.6 70.8 19.4% 4G subscriber base penetration 53.9% 46.4% 7.5p.p. Fixed-line broadband customers (millions) 3.6 3.5 2.1% Note: Cash and cash equivalents and Net debt accounts in 2021 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 2022.

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![](a4q22earningsreleasefina006.jpg)

Preliminary Results 4Q22 and FY22 6 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 numbers in this press release (except as specifically noted) and have no impact on balance sheet amounts in prior periods. The transaction is subject to customary closing conditions, including receipt of requisite regulatory approvals and licenses from relevant government authorities. The Company anticipates that all closing conditions will be satisfied and that, as previously communicated, the transaction will complete on or before 1 June 2023. The table below represents revenue and EBITDA amounts excluding intercompany, that would be included into VEON Group results had Russian operations not been classified as 'held for sale' and 'discontinued operations'. Russia RUB million 4Q22 4Q21 YoY 2022 2021 YoY Total revenue 74,647 77,287 (3.4%) 286,196 289,955 (1.3%) Service revenue 69,147 66,908 3.3% 262,389 254,501 3.1% EBITDA 31,232 27,376 14.1% 118,466 108,983 8.7% EBITDA margin 41.8% 35.4% 6.4p.p. 41.4% 37.6% 3.8p.p. Capex 17,878 21,104 (15.3%) 59,303 74,983 (20.9%) Capex intensity 20.7% 25.9% (5.1p.p.) Mobile Customers (mln) 44.8 49.4 (9.3%) Data users (mln) 31.5 34.5 (8.6%) 4G smartphone users (mln) 29.6 30.8 (4.0%) 4G users (mln) 25.3 25.5 (0.7%) ARPU (RUB) 422 375 12.4% MOU (min) 314 322 (2.6%) Data usage (GB/user) 18.3 14.7 24.2% 4G coverage 90.0% 89.0% 1.0p.p. Fixed-line Total operating revenue 11,910 11,043 7.9% 42,695 40,771 4.7% Service revenue 11,476 10,600 8.3% 42,159 39,836 5.8% Broadband revenue 3,314 3,133 5.8% 12,779 12,112 5.5% Broadband customers (mln) 2.9 2.9 (0.7%) Broadband ARPU (RUB) 377 357 5.5% While the removal of the Russian operations from VEON's continuing operations financial performance will significantly reduce the Group's reported revenue and EBITDA in absolute terms, VEON Group's reported local currency growth rates without the Russian business are higher, at +14.0% YoY for revenue (vs 6.4% with Russia) and +12.6% YoY for EBITDA (vs 11.0% with Russia). VEON management believes that the proposed sale of its Russian business represents the optimal solution for all stakeholders, and that the Group will be well-positioned for faster growth with a strong balance sheet after completion of the transaction. For the twelve months ended 31 December 2022, based on estimated managerial reporting, if the Russian operations were not classified as 'held for sale' and 'discontinued operations', Group total revenue growth would be 3.3% YoY in reported currency (+6.4% YoY in local currency) and Group EBITDA growth would be 6.3% in reported currency (+11.0% YoY in local currency).

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![](a4q22earningsreleasefina007.jpg)

Preliminary Results 4Q22 and FY22 7 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 and may continue to have a significant impact on the Company's operations and business plans in Russia and Ukraine. During the twelve months-ended 31 December 2022, we have recorded significant impairment charges related to the Russian and Ukrainian operations. 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 anticipates it will 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. If VEON is 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 might, following the missed deadline, take action against VEON, which could include imposition of a fine or grant of a further grace period, or in the most extreme cases, deregistration of VEON's securities and/or delisting of such securities from Nasdaq and/or Euronext.

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Preliminary Results 4Q22 and FY22 8 4Q22 GROUP PERFORMANCE 9 KEY RECENT DEVELOPMENTS 11 KEY FINANCIAL DATA 13 COUNTRY PERFORMANCE 16 CONFERENCE CALL INFORMATION 22 PRESENTATION OF FINANCIAL RESULTS AND NONRECURRING ITEMS 23 DISCLAIMER 24 ATTACHMENTS 26 CONTENTS

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Preliminary Results 4Q22 and FY22 10 Tamasha in Pakistan reached 4.3 million MAUs, a 3.5-fold YoY increase. Our digital financial services business in Pakistan, JazzCash, increased its monthly active users by 8.0% YoY, reaching 16.4 million MAUs and increasing its 12- month total transaction volume by 31.3% YoY. In 4Q22, Group capex was USD 263 million, driven by investment in 4G networks in Ukraine, Bangladesh and Uzbekistan, in line with our growth strategy. At 22.1%, capex intensity increased marginally by 1.1 p.p. YoY, primarily due to adverse FX rate movements. We closed the fourth quarter with total cash of USD 3.1 billion, including USD 2.5 billion at the HQ level. Our operations remain largely self-funding. In Ukraine, the team continued to work to keep the country connected, with around 90% of our radio network operational at the end of the quarter. However, over the course of the quarter, damage to Ukrainian power infrastructure impacted network availability at times. Kyivstar's revenues were up 8.7% YoY in local currency (-20.7% YoY in reported currency); the Ukrainian hryvnia's forex performance negatively impacted reported currency growth rates. Kyivstar's 4G customer base grew 8.2% YoY, and our customers consumed more data, with data usage rising 26.3% YoY. EBITDA decreased by 7.3% YoY in local currency (-32.4% YoY in reported currency) in 4Q22. EBITDA performance was impacted by the change in revenue mix impacting margins, operational cost pressures including energy costs, indexation of frequency fees, as well as by charitable donations and the staff care program, as Kyivstar continues to support its employees and the community. Pakistan revenues rose 24.3% YoY in local currency (- 2.6% YoY in reported currency), driven by strong growth in data revenue, despite the negative impact of the increase in withholding tax from 10% to 15% on 16 January 2022, and the further reduction in mobile termination rates from PKR 0.70 last year to PKR 0.40 from 01 July 2022. The weakness in the Pakistani rupee negatively impacted financial performance in reported currency. Jazz grew its subscriber base (+1.5% YoY), 4G users (+17.9% YoY) and ARPU (+22.0% YoY) in 4Q22. EBITDA in Pakistan rose by 86.9% YoY in local currency (+46.9% YoY in reported currency). Revenue and EBITDA performance in 4Q22 was positively impacted by the reversal of a provision following a favorable decision from the Islamabad High Court on pending litigation, increasing recorded revenues by PKR 6.6 billion (c.USD 30 million) and EBITDA by PKR 20.2 billion (c.USD 91 million). Higher energy prices in Pakistan negatively impacted EBITDA margin by c.4 p.p. In Kazakhstan, revenues increased 20.0% YoY in local currency (+10.2% YoY in reported currency), another quarter of strong growth supported by further expansion of our mobile customer base (+6.8% YoY), higher data usage (+19.2% YoY) and inflationary pricing of tariffs. This was the seventh consecutive quarter of local-currency revenue YoY growth above 20%, while Beeline Kazakhstan reached 68.3% 4G penetration in the customer base (+4.7 p.p. YoY). EBITDA rose by 7.0% YoY in local currency terms (-1.6% YoY in reported currency). In Bangladesh, Banglalink's revenues increased 16.9% YoY in local currency (-2.5% YoY in reported currency). This was the third quarter of double-digit local currency revenue growth. Banglalink's execution of its Digital Operator strategy, 4G focus and nation-wide expansion continue to deliver results, with the rising number of data and, in particular, 4G users, driving growth in data consumption. Banglalink reported balanced expansion of its subscriber base (+7.1% YoY) and ARPU (+5.0% YoY) in 4Q22. EBITDA decreased 9.7% YoY in local currency (- 24.7% YoY in reported currency) impacted by the higher network related costs and minimum tax on gross revenue paid in 4Q22. In Uzbekistan, revenues increased 30.3% YoY in local currency (+25.3% YoY in reported currency), a sixth consecutive quarter of double-digit revenue growth and a fourth consecutive quarter of revenue growth above 20%. This was driven by a 28.4% YoY expansion in the 4G subscriber base and a solid increase in data revenues, which were 38.9% higher YoY. EBITDA rose 14.4% YoY in local currency (+10.0% YoY in reported currency). As VEON Group strengthens its position for accelerating growth, our 2023 local currency guidance for both revenue and EBITDA is growth of 10%-14%. VEON's 2023 outlook for the Group's capex intensity is in the range of 18%-20% (See Disclaimer on pages 25-26 below for a discussion of factors that could cause actual results to differ from expectations).

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Preliminary Results 4Q22 and FY22 11 ] 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 will replace Serkan Okandan whose three-year contract as Group CFO is set to expire at the end of April 2023. Serkan will continue to serve VEON as a special advisor to the Group CEO and CFO. VEON TO ACCELERATE DIGITAL OPERATOR ROLL-OUT WITH APPOINTMENT OF GROUP DO1440 OFFICER On 9 March 2023, VEON announced the appointment of a dedicated Group DO1440 Officer, Lasha Tabidze, to support its operating companies in executing its digital operator model. Lasha Tabidze has a strong track record in delivering digital products and digital transformation. His previous roles include CEO of Beeline Georgia, which was sold by VEON in 2022. In his Group DO1440 Officer role, Mr. Tabidze will report to VEON Group CEO Kaan Terzioglu. VEON'S DIGITAL OPERATOR 1440 RECOGNIZED AS "THE BEST SERVICE FOR CONNECTED CONSUMERS" AT GLOMO AWARDS On 1 March 2023, VEON announced that it had received GSMA's Global Mobile Award for "Best Mobile Operator Service for Connected Consumers" with its Digital Operator 1440 model – DO1440. VEON Group CEO Kaan Terzioglu received the award on behalf of the Group's digital operators, who have implemented the DO1440 model in their markets over the past 2 years, aiming to deliver valuable digital experiences for their customers 1440 minutes of a day. 1 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. VEON ENTERS INTO AGREEMENT TO SELL ITS RUSSIAN OPERATIONS AND OBTAINS RUSSIAN REGULATORY APPROVAL1 On 24 November 2022, VEON announced that following a competitive process, it has entered into an agreement to sell its Russian operations to certain senior members of the management team of PJSC VimpelCom, led by Beeline Russia's current CEO Aleksander Torbakhov. The transaction is subject to customary closing conditions, including receipt of requisite regulatory approvals and licenses from relevant government authorities. 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. As part of the transaction, ownership of VEON's Kazakhstan operations has been transferred from PJSC VimpelCom to VEON headquarters on 7 December 2022. This ensures that VEON will continue to control its Kazakhstan operations, with VEON Holdings B.V. taking direct ownership of the Group's 75% stake in Kar-Tel, which operates under the Beeline brand in the country. On 7 February 2023, the Sub-Commission of the Government Commission for Control over Foreign Investments in the Russian Federation issued its approval of the proposed sale of VEON's Russian operations to certain senior members of the management of PJSC VimpelCom, led by its current CEO Alexander Torbakhov, subject to certain conditions. It is anticipated that the remaining closing conditions will be satisfied and that, as previously communicated, the transaction will complete on or before 1 June 2023. KEY RECENT DEVELOPMENTS IGHLIGHTS:

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Preliminary Results 4Q22 and FY22 12 SCHEME OF ARRANGEMENT TO EXTEND 2023 NOTES MATURITIES On 30 January 2023, VEON announced that the Scheme Sanction Hearing had taken place, at which the Court made an order sanctioning the Scheme in respect of the Company's 2023 Notes (the "Order"). On 31 January 2023, VEON confirmed that the Order had been delivered to the Registrar of Companies and become effective. The amendments to the 2023 Notes will become effective upon receipt of relevant licenses, at which time the maturity dates of the February 2023 and April 2023 notes will be amended to October and December 2023, respectively. Pursuant to the amendments, the respective maturity dates of the February 2023 Notes and April 2023 Notes will be extended to October 2023 and December 2023 respectively, noteholders will be entitled to payment of an amendment fee of 200bps payable on the 2023 Notes outstanding on their respective amended maturity dates and a put right will be opened requiring the Company to repurchase 2023 Notes held by 2023 Noteholders exercising the Put Right, exercisable at a purchase price of 102 per cent of the principal amount, together with accrued and unpaid interest. The Put Right should only be open to international investors. VEON MANAGEMENT INCREASED OWNERSHIP On 21 February 2023, VEON announced the completion of a further share transfer to Group Executive Committee ("GEC") member, Group Chief Internal Audit & Compliance Officer, Joop Brakenhoff. A total of 104,047 shares vested as part of VEON's Deferred Share Plan. Of those, 52,543 shares were transferred to Mr. Brakenhoff, with the remaining 51,504 withheld to cover local withholding tax. This award followed the completion of share transfers to the Group CEO and Group CFO announced on 11 July 2022 and the completion of share transfers to GEC members announced on 18 July 2022 as part of the Group's incentive program announced in February 2022. VEON ANNOUNCED RATIO CHANGE UNDER ITS AMERICAN DEPOSITARY RECEIPT ("ADR") PROGRAM On 6 February 2023, VEON announced that its Board of Directors approved a change of ratio in the Company's ADR program, comprising a change in the ratio of American Depositary Shares (the "ADSs") to VEON common shares (the "Shares") from one (1) ADS representing one (1) Share, to one (1) ADS representing twenty-five (25) Shares (the "Ratio Change"). On 6 March 2023, VEON announced postponement to effectiveness of ratio change under its ADR program as The Depository Trust & Clearing Corporation ("DTCC") was not prepared to make the new CUSIP with new ratio available on Monday, 6 March 2023 as scheduled. On 7 March 2023, VEON confirmed revised timing for effectiveness of ratio change under its ADR program. The effective date of the Ratio Change was 8 March 2023. US TREASURY EXPANDED GENERAL LICENSE TO INCLUDE BOTH VEON LTD. AND VEON HOLDINGS On 18 January 2023, VEON announced that the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) has replaced the General License 54 originally issued on 18 November 2022 with General License 54A to now include both VEON Ltd. and VEON Holdings B.V. (VEON Holdings). This general license applies to all debt and equity securities of VEON Ltd. or VEON Holdings that were issued before 6 June 2022, and confirms that the authorization applies not only to the purchase and receipt of debt and equity securities, but also to transactions ordinarily incident and necessary to facilitating, clearing and settling of such transactions. This General License ensures that all market participants can trade the relevant securities with confidence that such trading is consistent with E.O. 14071, which targeted "new investment" in Russia. VEON APPOINTS PWC AS THE DUTCH STATUTORY FINANCIAL STATEMENT AUDITORS On 11 January 2023, VEON announced the appointment of PricewaterhouseCoopers Accountants N.V. as the Dutch statutory financial statement auditors for the year ended 31 December 2022. As noted in the "Notice to Readers: Impact of The Conflict", the Company notes that due to the military conflict in Ukraine and its consequences, it is unlikely that the 2022 Dutch financial statements can be filed within the statutory deadline of 30 April 2023.

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Preliminary Results 4Q22 and FY22 13 PRELIMINARY INCOME STATEMENT USD million 2022 2021 YoY reported YoY local currency 4Q22 4Q21 YoY reported YoY local currency Total revenue 3,755 3,850 (2.4%) 14.0% 940 988 (4.9%) 18.6% Service revenue 3,600 3,690 (2.4%) 13.9% 901 942 (4.4%) 19.2% EBITDA 1,743 1,840 (5.3%) 12.6% 453 448 1.2% 30.1% EBITDA margin 46.4% 47.8% (1.4p.p.) 48.2% 45.3% 2.9p.p. Depreciation, amortization, impairments and other (703) (89) (687.1%) (208) 509 n.m. EBIT (Operating profit) 1,039 1,751 (40.6%) 246 956 (74.3%) Financial (expenses) / income (551) (578) 4.7% (137) (153) 10.1% Net foreign exchange gain / (loss) and others 119 (7) n.m. 74 2 4160.2% Other non operating gains / (losses) 68 26 159.1% 36 8 353.9% Profit / (Loss) before tax from continued operations 676 1,192 (43.3%) 217 813 (73.3%) Income tax (expense) / benefit (61) (344) 82.4% (79) (98) 19.1% Profit / (Loss) from discontinued operations (779) (47) 1567.4% 76 (374) n.m. Profit / (Loss) for the period (164) 801 n.m. 214 341 (37.3%) - Of which Profit / (Loss) attributable to non-controlling interest 153 127 20.5% 14 42 (67.1%) - Of which Profit / (Loss) attributable to VEON shareholders (317) 674 n.m. 200 299 (33.1%) Note: The Algerian and Russian operations have been classified as 'held for sale' and 'discontinued operations' in 3Q21 and 4Q22, respectively, and do not contribute to the comparison base or the actual reported numbers, other than in net income (for further discussion of adjustments made for one-off and nonrecurring items, see "Items that affect year-on-year comparisons," on page 23). Depreciation, amortization, impairments and other (which includes gain/loss on disposal of assets and subsidiaries) amounted to USD 208 million in 4Q22 versus the gain of USD 509 million in 4Q21, mainly due to the gain on disposal of the subsidiary holding our Russian tower assets included within 'other'. The deferred gain related to this transaction has been classified within Profit / (Loss) from discontinued operations for 4Q21. Net financial expenses in 4Q22 decreased by 10.1% YoY mainly due to the depreciation of the Pakistani rupee by c.28% and finance income that was USD 8 million higher than in 4Q21. Income tax expense decreased by 19.1% YoY to USD 79 million in 4Q22; this decline was mainly driven by lower impact of prior year adjustments arising from tax return true-ups and changes in tax rates, which was partially netted with the increased uncertain tax positions. The Group recorded net income for the period of USD 214 million, a 37.3% decrease YoY, due to the gain on disposal of subsidiary holding our Russian tower assets in 4Q21. KEY FINANCIAL DATA

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Preliminary Results 4Q22 and FY22 14 PRELIMINARY BALANCE SHEET USD million 4Q22 3Q22 QoQ 4Q21 YoY Total assets 15,096 15,851 (4.8%) 15,921 (5.2%) Cash and cash equivalents 3,106 3,293 (5.7%) 2,252 37.9% Working capital 904 1,489 (39.3%) 1,397 (35.3%) Fixed assets 4,414 9,343 (52.8%) 8,419 (47.6%) Goodwill 394 1,145 (65.6%) 1,542 (74.4%) Assets held for sale 5,805 5 n.m. 1,864 211.4% Other assets 473 576 (17.9%) 447 5.8% Total liabilities 14,320 15,173 (5.6%) 14,417 (0.7%) Working Capital liabilities 2,341 3,388 (30.9%) 3,331 (29.7%) Debt 7,571 11,576 (34.6%) 10,360 (26.9%) Liabilities held for sale 4,244 - n.m. 391 984.2% Other liabilities 164 209 (21.7%) 335 (51.1%) Total equity 776 678 14.5% 1,505 (48.4%) Total liabilities and equity 15,096 15,851 (4.8%) 15,921 (5.2%) Gross debt, of which 7,479 11,449 (34.7%) 10,258 (27.1%) Bonds and loans 6,670 8,356 (20.2%) 7,582 (12.0%) Cash pooling - - n.m. 13 n.m. Lease liabilities 809 3,092 (73.8%) 2,662 (69.6%) Net debt 4,461 8,207 (45.6%) 8,123 (45.1%) Net debt / LTM EBITDA 2.56x 4.72x (2.2p.p.) 4.41x (1.9p.p.) Net debt excluding leases 3,657 5,128 (28.7%) 5,471 (33.2%) Net debt excluding leases / LTM EBITDA 2.36x 3.30x (0.9p.p.) 3.24x (0.9p.p.) Note: Certain comparative amounts have been reclassified to conform to the current period presentation. Further, the Russian operations have been classified as 'asset held for sale' in 4Q22. Total cash and cash equivalents decreased QoQ to approximately USD 3.1 billion, of which USD 2.5 billion is cash and cash equivalents held by VEON's headquarters (HQ) in Amsterdam denominated in US dollars and Euro, including USD 1.1 billion drawn under the Revolving Credit Facility ("RCF"). The decrease was primarily impacted by classification of Russian operations as held for sale. 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 7.5 billion as of 31 December 2022, compared with USD 11.4 billion at the end of 3Q22. The decrease in gross debt was largely attributed to the classification of Russian operations as 'held for sale' as well as to the QoQ depreciation of the Russian ruble against the US dollar, resulting in lower reported currency levels of bank loans and lease liabilities denominated in this currency. The decrease was partially offset by new borrowings of USD 99 million (out of which USD 82 million is related to the RCF and USD 17 million is related to Jazz in Pakistan). As of 31 December 2022, our revolving credit facility was fully drawn with USD 1.1 billion outstanding. Lease liabilities decreased to USD 0.8 billion at the end of 4Q22 from USD 3.1 billion as of 30 September 2022, which was primarily impacted by the classification of Russian operations as 'held for sale'. Net debt and net debt excluding leases decreased in the quarter to USD 4.5 billion and to USD 3.7 billion, respectively, resulting in net debt/EBITDA ratios of 2.56x and 2.36x, respectively, as of 31 December 2022. The QoQ decrease in net debt was due to the classification of Russian operations as 'held for sale', as well as to the depreciation of the Russian ruble against the US dollar as mentioned above.

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Preliminary Results 4Q22 and FY22 15 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 1.2 billion in 2023, USD 0.6 billion in 2024, and the equivalent of USD 3.0 billion beyond 2024, as well as annual interest and corporate costs. For the USD1.1 billion RCF, USD 250 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. While 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. PRELIMINARY CASH FLOW USD million 2022 2021 YoY change 4Q22 4Q21 YoY change EBITDA 1,743 1,840 (97) 453 448 6 Movements in Working Capital (109) (81) (27) (63) 16 (79) Movements in provisions 48 (14) 63 28 15 13 Net tax paid (287) (274) (13) (50) (91) 41 Cash capex (714) (782) 68 (164) (247) 83 Gain / (loss) on disposal of non-current assets 20 26 (6) 5 19 (14) Other movements in operating cash flows 44 54 (10) (10) (18) 8 Unlevered Free Cash Flow 746 769 (23) 199 142 57 Net interest (463) (509) 46 (152) (156) 5 Lease liabilities payments (141) (119) (22) (32) (32) 0 Equity Free Cash Flow 142 141 1 15 (47) 62 License payments (296) (76) (220) 1 (6) 7 Equity Free Cash Flow (after licenses) (154) 66 (219) 16 (52) 69 Note: The Algerian and Russian operations have been classified as 'asset held for sale' and 'discontinued operations' in 3Q21 and 4Q22, respectively.

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Preliminary Results 4Q22 and FY22 16 KEY FIGURES BY COUNTRIES USD million 4Q22 4Q21 YoY reported YoY local currency FY22 FY21 YoY reported YoY local currency Total revenue 940 988 (4.9%) 18.6% 3,755 3,850 (2.4%) 14.0% Ukraine 224 282 (20.7%) 8.7% 971 1,055 (7.9%) 8.2% Pakistan 332 341 (2.6%) 24.3% 1,285 1,408 (8.7%) 14.3% Kazakhstan 169 154 10.2% 20.0% 636 569 11.8% 20.8% Bangladesh 140 143 (2.5%) 16.9% 576 564 2.2% 12.1% Uzbekistan 64 51 25.3% 30.3% 233 194 20.3% 25.2% Kyrgyzstan 13 12 15.9% 14.5% 49 43 14.3% 13.1% Georgia - 10 (100.0%) (100.0%) 17 38 (54.3%) (56.4%) HQ and eliminations (2) (5) 50.3% (13) (20) 36.6% Service revenue 901 942 (4.4%) 19.2% 3,600 3,690 (2.4%) 13.9% Ukraine 222 280 (20.6%) 8.8% 965 1,048 (7.9%) 8.1% Pakistan 304 307 (1.1%) 26.3% 1,169 1,285 (9.0%) 14.0% Kazakhstan 163 147 10.8% 20.5% 613 550 11.5% 20.5% Bangladesh 138 141 (2.3%) 17.1% 566 553 2.4% 12.3% Uzbekistan 63 51 25.1% 30.2% 233 193 20.3% 25.3% Kyrgyzstan 13 11 16.8% 15.4% 49 43 14.9% 13.6% Georgia - 10 (100.0%) (100.0%) 17 38 (54.4%) (56.4%) HQ and eliminations (2) (5) 50.4% (13) (21) 37.4% EBITDA 453 448 1.2% 30.1% 1,743 1,840 (5.3%) 12.6% Ukraine 123 181 (32.4%) (7.3%) 575 704 (18.3%) (4.7%) Pakistan 224 153 46.9% 86.9% 654 643 1.8% 28.2% Kazakhstan 82 83 (1.6%) 7.0% 321 307 4.3% 12.8% Bangladesh 46 61 (24.7%) (9.7%) 210 235 (10.3%) (2.1%) Uzbekistan 25 22 10.0% 14.4% 124 89 39.8% 45.2% Kyrgyzstan 5 3 41.9% 40.1% 19 24 (19.9%) (20.6%) Georgia - 4 (100.0%) (100.0%) 7 17 (55.6%) (57.6%) HQ and eliminations (51) (60) 15.7% (169) (179) 5.7% EBITDA margin 48.2% 45.3% 2.9p.p. 46.4% 47.8% (1.4p.p.) COUNTRY PERFORMANCE

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Preliminary Results 4Q22 and FY22 17 Keeping Ukraine connected UAH million 4Q22 4Q21 YoY FY22 FY21 YoY Total revenue 8,192 7,537 8.7% 31,092 28,748 8.2% Service revenue 8,130 7,473 8.8% 30,893 28,571 8.1% EBITDA 4,484 4,839 (7.3%) 18,301 19,196 (4.7%) EBITDA margin 54.7% 64.2% (9.5p.p.) 58.9% 66.8% (7.9p.p.) Capex 2,453 1,822 34.6% 5,960 5,551 7.4% Capex intensity 19.2% 19.3% (0.1p.p.) Mobile Total operating revenue 7,660 6,993 9.5% 29,014 26,712 8.6% Service revenue 7,660 6,993 9.5% 29,014 26,712 8.6% Data revenue 4,400 4,243 3.7% 16,837 16,092 4.6% Customers (mln) 24.8 26.2 (5.5%) Data users (mln) 17.5 18.5 (5.1%) 4G smartphone users (mln) 17.5 17.2 1.8% 4G users (mln) 13.1 12.1 8.2% ARPU (UAH) 103 88 17.3% MOU (min) 559 621 (10.0%) Data usage (GB/user) 9.0 7.1 26.3% 4G coverage 93.7% 90.3% 3.4p.p. Fixed-line Total operating revenue 470 480 (2.2%) 1,879 1,859 1.1% Service revenue 470 480 (2.2%) 1,879 1,859 1.1% Broadband revenue 290 298 (2.4%) 1,127 1,180 (4.5%) Broadband customers (mln) 1.1 1.2 (5.0%) Broadband ARPU (UAH) 86 83 2.9% The Kyivstar team continues to focus on keeping Ukrainians connected, and the network and critical infrastructure operational, while putting employees' safety first. Kyivstar gained both revenue and subscribers market share and retained its leading NPS position improving the YoY NPS score in 4Q22. Since 24 February 2022, Kyivstar performed 144 thousand emergency and repair works, repaired 600 base stations, connected 816 settlements, built 700 new 4G base stations and upgraded another 7,000 base stations to 4G. In 4Q22, Kyivstar agreed with international partners on extension of the "roam like home" offer through the end of 2023, in order to keep displaced Kyivstar customers connected while they are in Europe. The Company also directed more than UAH 1.6 billion for humanitarian purposes, as well customer and employee support. Total revenues increased by 8.7% YoY in 4Q22. Mobile service revenues rose by 8.8% YoY due to 26.3% YoY growth in data consumption and higher roaming and interconnection revenues. EBITDA decreased by 7.3% YoY, corresponding to an EBITDA margin of 54.7%, a decline of 9.5 p.p. YoY. In addition to the change in revenue mix impacting margins, EBITDA performance was affected by operational cost pressures, including a 38% YoY increase in electricity prices, and 5% YoY indexation of frequency fees. In 4Q22, EBITDA was also impacted by UAH 229.5 million spent on charitable donations and staff support programs, as Kyivstar continues to support its employees and the community. Adjusted for these expenditures, EBITDA declined 2.6% YoY in 4Q22 and EBITDA margin was 57.5%. Total 4G users reached 13.1 million (+8.2% YoY), including 1.0 million users of the high-speed VoLTE standard, and now account for 53.0% of the customer base. This expansion supported a 17.3% YoY rise in ARPU. Kyivstar saw a 5.5% YoY decline in its overall subscriber base, as internal displacement and the number of refugees living outside of Ukraine continues to impact subscriber numbers. However, Kyivstar's digital products supported an increase in multiplay customers (+14.6% YoY), and multiplay revenues rose by 31.8% YoY. Kyivstar helped Ukrainians maintain access to key services by providing digital healthcare, infotainment and education services for its customers as we continue to execute on our DO1440 strategy. In August 2022, Kyivstar announced an investment in Helsi Ukraine, the country's largest medical information system and a leading digital healthcare provider. With 23 million registered users, Helsi enables access to 1,600 public and private medical institutions and 49,000 doctors. Helsi reported nearly 1.6 million appointments booked and conducted through the platform in 4Q22. The media streaming service Kyivstar TV reached more than 1.1 million MAUs, representing 60.5% YoY growth. Kyivstar also continued to offer free access to e-learning platforms so that students can continue their education wherever they are located. Capex increased by 34.6% YoY as Kyivstar continued to support essential connectivity in the country and maintain business resilience and continuity. Despite continuous damage to Ukraine's power infrastructure and energy rationing, the Kyivstar team was able to maintain nearly 90% of the radio network operational at the end of December on the back of the "Solid Coverage" program, which aims to provide base stations with modern power generators to sustain network availability during power outages. UKRAINE

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Preliminary Results 4Q22 and FY22 18 Double digit YoY revenue growth sustaining market leading position PKR million 4Q22 4Q21 YoY FY22 FY21 YoY Total revenue 73,883 59,439 24.3% 261,621 228,927 14.3% Service revenue 67,668 53,574 26.3% 238,084 208,923 14.0% EBITDA 49,765 26,625 86.9% 134,047 104,567 28.2% EBITDA margin 67.4% 44.8% 22.6p.p. 51.2% 45.7% 5.6p.p. Capex 20,283 13,868 46.3% 52,342 51,713 1.2% Capex intensity 20.0% 22.6% (2.6p.p.) Mobile Total operating revenue 73,883 59,439 24.3% 261,621 228,927 14.3% Service revenue 67,668 53,574 26.3% 238,084 208,923 14.0% Data revenue 27,515 23,076 19.2% 105,960 86,977 21.8% Customers (mln) 73.7 72.6 1.5% Data users (mln) 52.8 50.9 3.8% 4G smartphone users (mln) 36.0 31.7 13.6% 4G users (mln) 41.3 35.0 17.9% ARPU (PKR) 300 246 22.0% MOU (min) 416 437 (4.8%) Data usage (GB/user) 5.8 4.7 22.5% 4G coverage 57.0% 55.2% 1.8p.p. In 4Q22, Jazz sustained its leadership position in subscriber market share with double digit YoY revenue growth driven by high engagement in digital products and its NPS market leadership supported by the fastest mobile internet network in Pakistan. Total revenues rose by 24.3% YoY in 4Q22, supported by by robust increases in service revenues of both JazzCash (+49.8% YoY) and Mobilink Microfinance Bank (+63.0% YoY). EBITDA grew by 86.9% YoY on the back of the double-digit top line growth and effective cost controls. In 4Q22, both revenues and EBITDA were positively impacted by the reversal of a provision following a favorable decision from the Islamabad High Court on pending litigation, increasing the recorded revenues by PKR 6.6 billion and EBITDA by PKR 20.2 billion. Normalized for this reversal, total revenues were up 13.2% YoY, service revenues increased by 14.0% YoY and EBITDA was 11.1% higher YoY. This double-digit revenue growth was enabled by disciplined pricing and higher ARPU levels and came despite the impact of mobile termination rate decreases and changes to withholding taxes. The double-digit EBITDA growth was achieved even as fuel and electricity prices rose, up by c.71% and c.53% YoY, respectively. In 4Q22, Jazz' total mobile subscriber base grew by 1.5% YoY to 73.7 million and 4G users rose by 17.9% YoY, reaching 41.3 million, representing 56.0% penetration in the subscriber base. Jazz reached 10 million users of Voice-over- LTE ("VoLTE"), which offers a more immersive communication experience. With a heightened focus on its DO1440 strategy execution, Jazz saw a 40.9% YoY increase in multiplay customers who benefit from digital services such as JazzCash, the self-care app JazzWorld and the entertainment platform Tamasha. In 4Q22 multiplay customers accounted for 23.7% of the monthly active consumer base. With 3.0 times the ARPU of voice-only users, Jazz's multiplay customers generated 44.1% of the operator's revenues in the B2C segment (+10.1 p.p. YoY). JazzCash, the most popular mobile wallet in Pakistan, reached 16.4 million MAUs (+8.0% YoY). Total revenue grew by 48.7% YoY and the mobile wallet recorded 2.1 billion transactions in FY2022, with Gross Transaction Value of PKR 4.2 trillion, a 31.3% YoY increase. This was supported by the continued expansion in retail presence, reaching almost 131,000 active agents (+24.7% YoY) and almost 186,000 active merchants (+42.2% YoY). Jazz's self-care app, Jazz World, continued to demonstrate strong customer adoption levels. Its MAUs increased by 29.0% YoY, reaching 12.7 million at the end of 4Q22. In 4Q22, users of Jazz's leading entertainment platform Tamasha enjoyed high-definition and exclusive ad-free streaming of the Cricket World Cup in October and non- exclusive streaming of the FIFA World Cup in November in Pakistan. This contributed to the further growth of Tamasha's monthly active user base, which reached 4.3 million, while average daily active users increased 4.5 times YoY to reach 700 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 732,000 MAUs at the end of 4Q22. Supported by higher demand for data and digital services from Jazz customers, data and digital revenues in Pakistan were up 18.9% YoY. Capex was PKR 20.3 billion in 4Q22, corresponding to capex intensity of 20.0% (-2.6 p.p. YoY). Jazz expanded and upgraded their 4G network, with 1,500 more 4G sites YoY despite macroeconomic challenges. Jazz was declared the fastest mobile internet provider in Pakistan by Ookla for 4Q22. PAKISTAN

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Preliminary Results 4Q22 and FY22 19 Gaining market share for the third consecutive year, with seven consecutive quarters of YoY revenue growth above 20% KZT million 4Q22 4Q21 YoY FY22 FY21 YoY Total revenue 79,196 66,022 20.0% 293,057 242,509 20.8% Service revenue 76,080 63,119 20.5% 282,396 234,259 20.5% EBITDA 38,279 35,777 7.0% 147,784 131,060 12.8% EBITDA margin 48.3% 54.2% (5.9p.p.) 50.4% 54.0% (3.6p.p.) Capex 23,407 28,611 (18.2%) 57,054 57,667 (1.1%) Capex intensity 19.5% 23.8% (4.3p.p.) Mobile Total operating revenue 62,492 55,809 12.0% 238,589 203,738 17.1% Service revenue 59,416 52,913 12.3% 228,084 195,583 16.6% Data revenue 36,031 31,464 14.5% 134,484 113,045 19.0% Customers (mln) 10.6 9.9 6.8% Data users (mln) 8.6 7.9 8.6% 4G smartphone users (mln) 8.2 7.4 11.3% 4G users (mln) 7.2 6.3 14.7% ARPU (KZT) 1,867 1,781 4.8% MOU (min) 262 309 (15.4%) Data usage (GB/user) 16.8 14.1 19.2% 4G coverage 87.3% 80.5% 6.8p.p. Fixed-line Total operating revenue 16,704 10,213 63.6% 54,468 38,771 40.5% Service revenue 16,663 10,206 63.3% 54,312 38,676 40.4% Broadband revenue 5,932 4,598 29.0% 20,577 17,716 16.1% Broadband customers (mln) 0.6 0.6 14.1% Broadband ARPU (KZT) 3,198 2,779 15.1% With its seventh consecutive quarter of YoY revenue growth above 20%, Beeline Kazakhstan remained the market leader in terms of NPS, gaining both revenue and subscriber market share for the third consecutive year as continuous investments in network modernization resulted in better quality of voice and data services. Total revenues increased by 20.0% YoY with service revenues up by 20.5% YoY, supported by customer base growth in the mobile (+6.8% YoY) and fixed line (+14.1% YoY) businesses, as well as higher data usage (+19.2% YoY) as Beeline Kazakhstan continued to focus on its digital operator strategy. This was seventh consecutive quarter of YoY revenue growth above 20% for Beeline Kazakhstan. EBITDA increased by 7.0% YoY. In 4Q22, both revenues and EBITDA were negatively impacted by a change in accounting rules for revenue recognition of bundles that amounted to KZT 3.0 billion. Normalized for this non-recurring item, total revenues were up 24.5% YoY and service revenues increased by 25.3% YoY. The 4Q21 EBITDA performance in Kazakhstan was also positively impacted by the government grant of KZT 580 million for radio frequency taxes. Adjusting for both one- offs, Beeline Kazakhstan's EBITDA grew by 17.3% YoY. Despite the rapid network expansion combined with investments in further growth and new value propositions, the EBITDA margin was 48.3% in 4Q22, as Beeline Kazakhstan was successful at managing costs and implementing inflationary pricing measures. Beeline Kazakhstan continued to increase the number of 4G users, with growth of 14.7% YoY bringing the total number to 7.2 million. 4G penetration rose by 4.7 p.p. YoY to 68.3% of the total customer base at the end of 4Q22, meaning Beeline Kazakhstan will be the first country to reach 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. The MyBeeline self-care app increased its MAUs by 33.1% YoY to 3.9 million, adding 1.0 million MAUs during 2022. MyBeeline was recently named the second most popular communications app in Kazakhstan by number of Google Play downloads. The BeeTV entertainment platform benefited from streaming FIFA World Cup games and reached 859,000 MAUs (+61.4% YoY), with 75.4% of customers using the mobile version of the service. Beeline Kazakhstan's digital-first sub-brand izi also delivered significant growth of 89.2% YoY in its monthly active subscriber base, reaching nearly 160,000 subscribers. The number of monthly active users of the izi app increased 6.0 times YoY, reaching almost 380,000 MAUs. Simply, Kazakhstan's first mobile online-only neobank, saw a further 30.2% YoY increase in MAUs, to over 246,000 at the end of 4Q22. Beeline Kazakhstan recorded 40.0% YoY growth in multiplay customers who enjoyed digital services such as izi, Simply, My Beeline and BeeTV, and multiplay penetration reached 38.0% of the customer base. With higher ARPU and lower churn, these customers, contributed 51.8% of revenues in the B2C segment. Capex was KZT 23.4 billion during the quarter, with capex intensity of 19.5%. Capex expenditure remained focused on expanding the 4G network to meet the continued growth in demand, including in remote and rural areas. Beeline Kazakhstan connected 135 rural settlements to its 4G network during 4Q22, ending the year with more than 950 rural and remote settlements having access to the 4G mobile network. KAZAKHSTAN

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Preliminary Results 4Q22 and FY22 20 Third consecutive quarter of double-digit YoY top line growth with accelerating performance and gaining market share BDT million 4Q22 4Q21 YoY FY22 FY21 YoY Total revenue 14,373 12,298 16.9% 53,742 47,941 12.1% Service revenue 14,144 12,074 17.1% 52,819 47,050 12.3% EBITDA 4,735 5,246 (9.7%) 19,554 19,966 (2.1%) EBITDA margin 32.9% 42.7% (9.7p.p.) 36.4% 41.6% (5.3p.p.) Capex 4,372 2,968 47.3% 18,216 7,524 142.1% Capex intensity 33.9% 15.7% 18.2p.p. Mobile Total operating revenue 14,373 12,298 16.9% 53,742 47,941 12.1% Service revenue 14,144 12,074 17.1% 52,819 47,050 12.3% Data revenue 4,961 3,549 39.8% 17,277 13,647 26.6% Customers (mln) 37.6 35.1 7.1% Data users (mln) 24.4 22.1 10.6% 4G smartphone users (mln) 16.8 13.0 29.3% 4G users (mln) 16.1 12.0 34.2% ARPU (BDT) 121 115 5.0% MOU (min) 208 219 (5.3%) Data usage (GB/user) 5.4 4.1 33.2% 4G coverage 81.1% 69.1% 12.0p.p. Banglalink reported its third consecutive quarter of double-digit YoY revenue growth, reaching 16.9% in 4Q22 with its performance accelerating throughout the year. With the fastest mobile network in Bangladesh, Banglalink continued to gain both revenue and subscriber market share, becoming the market leader in terms of NPS in 4Q22. In 4Q22, total revenues increased by 16.9% YoY, representing a growth rate more than two times faster than the overall domestic mobile telecoms sector. Revenue growth in 4Q22 was driven by increases in customer base and ARPU by 7.1% YoY and 5.0% YoY, respectively. Mobile data usage rose by 33.2% YoY in 4Q22, contributing to data revenue growth of 39.8% YoY during 4Q22. EBITDA decreased 9.7% YoY in 4Q22, due to costs associated with the continued nationwide 4G network rollout, combined with costs related to acquisition of new customers and further development of digital products, as well minimum tax on gross revenue paid in 4Q22. With solid execution of its nationwide expansion and digital operator strategy, Banglalink reported a 7.1% increase in its customer base, gaining the largest number of new customers in the country in 2022, and 34.2% growth in its 4G user base, which has reached 16.1 million. This corresponds to 42.9% 4G penetration, an 8.7 p.p. YoY increase, and remains a key enabler of digital services. Supporting Banglalink's 4G growth as well as its DO1440 strategy, Banglalink's video streaming app Toffee, consolidated its position as the largest mobile entertainment platform in Bangladesh by MAUs in 4Q22 after it launched exclusive streaming of 2022 FIFA World Cup, which allowed football lovers from across Bangladesh to watch live streaming of World Cup matches on Toffee from any network, with any internet connection. Over 25 million unique viewers watched the Round of 16 of the World Cup on Toffee. Toffee closed the quarter with 21.2 million MAUs (+3.3 times YoY) as the average daily active users on Toffee rose 5.0-fold YoY, reaching 5.2 million. Banglalink's self-care app MyBanglalink, which was revamped in 2022, recorded a 79.9% YoY increase in monthly active users, reaching 5.7 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 36.7% YoY, multiplay customer base increased by 86.6% YoY and contributed 29.0% of B2C revenues during 4Q22. Capex in 4Q22 was BDT 4.4 billion, as investment in the country-wide 4G network continued in line with Banglalink's expansion strategy. Banglalink continued to deliver the fastest 4G network rollout in the Group, adding more than 4,200 new base stations this year. Banglalink is the Ookla Speedtest Awards Winner for the Fastest Mobile Network in Bangladesh for three consecutive years. BANGLADESH

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Preliminary Results 4Q22 and FY22 21 Record-high topline growth of 30% YoY, with fourth consecutive quarter above 20%, and improved NPS UZS million 4Q22 4Q21 YoY FY22 FY21 YoY Total revenue 709,726 544,654 30.3% 2,575,184 2,056,545 25.2% Service revenue 707,309 543,456 30.2% 2,571,961 2,052,771 25.3% EBITDA 274,717 240,107 14.4% 1,371,642 944,432 45.2% EBITDA margin 38.7% 44.1% (5.4p.p.) 53.3% 45.9% 7.3p.p. Capex 53,726 151,436 (64.5%) 680,576 378,725 79.7% Capex intensity 26.4% 18.4% 8.0p.p. Mobile Total operating revenue 706,617 541,191 30.6% 2,566,212 2,043,924 25.6% Service revenue 704,707 540,870 30.3% 2,563,793 2,043,366 25.5% Data revenue 479,403 345,256 38.9% 1,762,342 1,298,999 35.7% Customers (mln) 8.4 7.1 18.8% Data users (mln) 7.2 5.7 26.8% 4G smartphone users (mln) 5.2 4.5 17.7% 4G users (mln) 5.5 4.3 28.4% ARPU (UZS) 27,982 25,742 8.7% MOU (min) 655 730 (10.3%) Data usage (GB/user) 8.5 6.1 39.8% 4G coverage 78.0% 62.0% 16.0p.p. Beeline Uzbekistan reported record-high topline growth of 30% YoY in 4Q22, marking its sixth consecutive quarter of double-digit YoY growth and its fourth consecutive quarter of growth above 20%. In 4Q22, Beeline Uzbekistan sustained its leading position in subscriber market share and became the market leader in terms of NPS in December 2022 In 4Q22, total revenues increased by +30.3% YoY. This strong operational performance was enabled by a larger customer base, higher number of 4G users, increasing demand for and usage of mobile data, as well as new digital bundles and tariff plans launched this year that offer a better and more relevant user experience. This in turn drove an 8.7% YoY increase in ARPU and 42.0% YoY growth in data and digital revenues. EBITDA rose by 14.4% YoY, as Beeline Uzbekistan continued to build capacity for future expansion and to serve its growing 4G network. In 4Q22, Beeline Uzbekistan reached 8.4 million subscribers with 18.8% growth, maintaining its market position despite intensified competitive activity. The 4G user base grew by 28.4% YoY to 5.5 million during the quarter and now accounts for 65.8% of total customers. This growth was enabled by the continued roll-out of Beeline Uzbekistan's 4G network, which at quarter-end reached 78.0% of the nation's population, an increase of 16.0 p.p. YoY. With a strong focus on execution of its DO1440 strategy, Beeline Uzbekistan continued offering new digital bundles and tariff plans in 4Q22, building on its portfolio of digital products and services. The Beepul mobile financial services platform grew its monthly active user base by 27.4% YoY, while the average value of a single transaction increased by 40.8% YoY. In the third quarter, Beeline Uzbekistan was awarded a license from the Central Bank of Uzbekistan to provide payment services and its subscribers can now pay for about 500 services using the Beepul mobile application. The self-service app My Beeline had 3.0 million MAUs at the end of the quarter (+29.6% YoY). Entertainment platforms, including Beeline TV and Beeline Music, accounted for more than 1.5 million MAUs in total, a 24.2% YoY increase. With a strong focus on execution of its digital operator strategy, Beeline Uzbekistan increased its multiplay customer base to 39.6% in the B2C segment and this group contributed 57.1% of B2C revenues during 4Q22. Capex was UZS 53.7 billion in 4Q22, with capex intensity of 26.4%. Adjusting for the acquisition of a new office building in 2Q22, capex intensity was 20.0% (+1.6 p.p. YoY). This reflects Beeline Uzbekistan's intensified network rollout, with a 25.9% YoY increase in 4G base stations in the quarter. Beeline Uzbekistan has launched its 4G network in the Tashkent Metro, with mobile services from the operator now available in all 31 metro stations of the capital city. The project was carried out with support from the Uzbekistan Ministry of Digital Technologies. UZBEKISTAN

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Preliminary Results 4Q22 and FY22 22 On 16 March 2023, VEON will host a conference call with senior management at 14:00 CET (13:00 GMT), 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/92772768147?pwd=akJxczZiWkFtT3N4UWFoZHJDK2hnQT09 Meeting ID: 927 7276 8147 Passcode: 160160 DIAL-IN DETAILS One-tap mobile Dial by your location Country +31202410288,,92772768147#,,,,\*160160# +31 20 241 0288 Netherlands +442039017895,,92772768147#,,,,\*160160# +44 203 901 7895 United Kingdom +16465189805,,92772768147#,,,,\*160160# +1 646 518 9805 US (New York) Meeting ID: 927 7276 8147 Passcode: 160160 Find your local number: https://veon-global.zoom.us/u/awlvd9niN 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

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Preliminary Results 4Q22 and FY22 23 VEON's results presented in this earnings release are, unless otherwise stated, based on IFRS and have not been externally audited or reviewed. Certain amounts and percentages that appear in this earnings release 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, unlevered free cash flow, equity free cash flow, 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 numbers in this press release (except as specifically noted), without any change in the net economic value of this business and have no impact on balance sheet amounts in prior periods. PRESENTATION OF FINANCIAL RESULTS AND NON-RECURRING ITEMS

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Preliminary Results 4Q22 and FY22 24 VEON's results presented in this earnings release are, unless otherwise stated, based on IFRS and have not been externally reviewed and audited. The financial information included in this earnings release 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 earnings release 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 earnings release 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 earnings release 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

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Preliminary Results 4Q22 and FY22 25 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.

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Preliminary Results 4Q22 and FY22 26 CONTENT OF THE ATTACHMENTS Attachment A Definitions 27 Attachment B Customers 29 Attachment C Reconciliation tables 29 Attachment D Rates of functional currencies to USD 31 For more information on financial and operating data for specific countries, please refer to the supplementary file Factbook4Q2022.xlsx on VEON's website at https://www.veon.com/investors/reports-results/reports-results/ ATTACHMENTS

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Preliminary Results 4Q22 and FY22 27 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 mobile data revenue, revenues from mobile financial services and from digital entertainment. 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'. 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

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Preliminary Results 4Q22 and FY22 28 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.

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Preliminary Results 4Q22 and FY22 29 ATTACHMENT B: CUSTOMERS 4Q22 3Q22 QoQ 4Q21 YoY 4Q22 3Q22 QoQ 4Q21 YoY Pakistan 73.7 75.0 (1.7%) 72.6 1.5% Ukraine 24.8 24.4 1.5% 26.2 (5.5%) 1.1 1.1 2.0% 1.2 (5.0%) Bangladesh 37.6 37.0 1.5% 35.1 7.1% Kazakhstan 10.6 10.5 0.8% 9.9 6.8% 0.6 0.6 3.8% 0.6 14.1% Uzbekistan 8.4 8.1 3.5% 7.1 18.8% Kyrgyzstan 1.9 2.2 (13.7%) 1.9 (2.4%) Total 156.9 157.2 (0.2%) 152.8 2.7% 1.8 1.7 2.6% 1.8 1.1% 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 TABLES RECONCILIATION OF CONSOLIDATED EBITDA USD million, unaudited 4Q22 4Q21 FY22 FY21 EBITDA 453 448 1,743 1,840 Depreciation (141) (159) (557) (605) Amortization (61) (53) (221) (194) Impairment gain/(loss) (4) (15) 107 (27) Gain/(loss) on disposals of non-current assets (1) 8 (1) 8 Gain/(loss) on disposals of subsidiaries - 728 (31) 728 Operating profit 246 956 1,039 1,751 Financial income and expenses: (137) (153) (551) (578) ⎼ Including finance income 13 5 32 13 ⎼ Including finance expenses (150) (158) (583) (591) Net foreign exchange (loss)/gain and others: 109 10 188 20 ⎼ Including other non-operating (losses)/gains 36 8 68 26 ⎼ Including net foreign exchange gain/(loss) 74 2 119 (7) Profit before tax 217 813 676 1,192 Income tax gain/(expense) (79) (98) (61) (344) Profit/(loss) from discontinued operations 76 (374) (779) (47) Profit/(loss) for the period 214 341 (164) 801 ⎼ Of which profit/(loss) attributable to non-controlling interest 14 42 153 127 ⎼ Of which profit/(loss) attributable to VEON shareholders 200 299 (317) 674 RECONCILIATION OF CAPEX USD million, unaudited 4Q22 4Q21 FY22 FY21 Capex 263 277 832 808 Adding back purchase of licenses (1) 4 540 469 Difference in timing between accrual and payment for capital expenditures (99) (28) (362) (420) Cash paid for capital expenditures 163 253 1,010 857

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Preliminary Results 4Q22 and FY22 30 RECONCILIATION OF LOCAL CURRENCY AND REPORTED GROWTH RATES 4Q22 COMPARED TO 4Q21 Local currency Forex and Other Reported Local currency Forex and Other Reported Pakistan 24.3% (26.9%) (2.6%) 86.9% (40.0%) 46.9% Ukraine 8.7% (29.4%) (20.7%) (7.3%) (25.1%) (32.4%) Bangladesh 16.9% (19.4%) (2.5%) (9.7%) (15.0%) (24.7%) Kazakhstan 20.0% (9.7%) 10.2% 7.0% (8.6%) (1.6%) Uzbekistan 30.3% (5.1%) 25.3% 14.4% (4.4%) 10.0% Total 18.6% (23.5%) (4.9%) 30.1% (28.9%) 1.2% Total Revenue EBITDA FY22 COMPARED TO FY21 Local currency Forex and Other Reported Local currency Forex and Other Reported Pakistan 14.3% (23.0%) (8.7%) 28.2% (26.4%) 1.8% Ukraine 8.2% (16.1%) (7.9%) (4.7%) (13.7%) (18.3%) Bangladesh 12.1% (9.9%) 2.2% (2.1%) (8.3%) (10.3%) Kazakhstan 20.8% (9.0%) 11.8% 12.8% (8.5%) 4.3% Uzbekistan 25.2% (5.0%) 20.3% 45.2% (5.5%) 39.8% Total 14.0% (16.4%) (2.4%) 12.6% (17.9%) (5.3%) Total Revenue EBITDA RECONCILIATION OF NET DEBT USD million 31 December 2022 30 September 2022 30 June 2022 Net debt excluding banking operations in Pakistan 4,461 8,207 9,969 Cash and cash equivalents\* 3,106 3,293 2,339 Deposits in MMBL and JazzCash in Pakistan (91) (55) (59) Long - term and short-term deposits 3 4 6 Gross debt 7,479 11,449 12,256 Interest accrued related to financial liabilities 99 137 101 Other unamortised adjustments to financial liabilities (fees, discounts etc.) (7) (17) (19) Derivatives not designated as hedges 0 0 27 Derivatives designated as hedges (0) 5 8 Other financial liabilities (0) (0) 1 Total financial liabilities 7,571 11,574 12,374 Note: Certain comparative amounts have been reclassified to conform to the current period presentation. Accounts in this table on 30 September 2022 and 30 June 2022 include balance sheet amounts of Russian operations, which in 4Q22 were reclassified to Assets held for sale and Liabilities held for sale. \* In 4Q22 cash and cash equivalents include an amount of USD 67 million relating to banking operations in Pakistan

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Preliminary Results 4Q22 and FY22 31 EBITDA RECONCILIATION ON COUNTRY LEVEL 4Q22 USD million Pakistan Ukraine Bangladesh Kazakhstan Uzbekistan Other HQ and eliminations VEON Consolidated EBITDA 224 123 46 82 25 5 (51) 453 Less Depreciation (48) (22) (40) (17) (10) (4) (1) (141) Amortization (19) (11) (16) (11) (2) (1) (1) (61) Impairment loss 0 (0) (0) (1) - 0 (3) (4) Loss on disposals of non-current assets 1 0 0 (0) (1) (0) 0 (1) Gains/(losses) on sale of investments in subsidiaries - - Operating profit 158 89 (10) 52 11 0 (55) 246 FY22 USD million Pakistan Ukraine Bangladesh Kazakhstan Uzbekistan Other HQ and eliminations VEON Consolidated EBITDA 654 575 210 321 124 27 (169) 1,743 Less Depreciation (191) (102) (141) (68) (36) (19) (0) (557) Amortization (69) (49) (56) (36) (4) (3) (3) (221) Impairment loss (1) (36) 101 (3) 0 0 47 107 Loss on disposals of non-current assets 2 (0) 1 (1) (3) (0) (0) (1) Gains/(losses) on sale of investments in subsidiaries (31) (31) Operating profit 395 387 115 212 81 5 (156) 1,039 ATTACHMENT D: RATES OF FUNCTIONAL CURRENCIES TO USD 4Q22 4Q21 YoY 4Q22 4Q21 YoY Pakistan Rupee 222.98 174.52 (27.8%) 226.66 176.80 (28.2%) Bangladeshi Taka 102.77 85.73 (19.9%) 103.14 86.09 (19.8%) Ukraine Hryvnia 36.57 26.68 (37.1%) 36.57 27.28 (34.1%) Kazakhstan Tenge 468.00 430.01 (8.8%) 462.65 431.67 (7.2%) Uzbekistan Som 11,175.68 10,742.07 (4.0%) 11,225.46 10,837.66 (3.6%) Kyrgyzstan Som 83.80 84.79 1.2% 85.68 84.76 (1.1%) Russian Ruble 62.42 72.61 14.0% 70.34 74.29 5.3% Georgia Lari 2.73 3.13 12.7% 2.70 3.10 12.9% Algeria Dinar 139.11 138.16 (0.7%) 137.35 138.81 1.0% Closing ratesAverage rates

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Preliminary Results 4Q22 and FY22 32 READ REACH

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## Exhibit 99.2

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1 1 VEON 4Q22 AND FY22 RESULTS Amsterdam, 16 March 2023 SALE OF RUSSIA WILL LEAD TO A SIGNIFICANT REDUCTION IN DEBT

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2 2 AGENDA 1. OPENING 2. HIGHLIGHTS & BUSINESS UPDATE Nik Kershaw Kaan Terzioğlu 4. CLOSING REMARKS Kaan Terzioğlu 3. FINANCIAL RESULTS Serkan Okandan

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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 and may continue to have a significant impact on the Company's operations and business plans in Russia and Ukraine. During the twelve months-ended 31 December 2022, we have recorded significant impairment charges related to the Russian and Ukrainian operations. 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 anticipates it will 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. If VEON is 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 might, following the missed deadline, take action against VEON, which could include imposition of a fine or grant of a further grace period, or in the most extreme cases, deregistration of VEON's securities and/or delisting of such securities from Nasdaq and/or Euronext.

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4 4 DISCLAIMER VEON's results presented in this presentation 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 presentation 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 presentation 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 presentation 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.

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5 5 AGENDA 1. OPENING 2. HIGHLIGHTS & BUSINESS UPDATE Nik Kershaw Kaan Terzioğlu 4. CLOSING REMARKS Kaan Terzioğlu 3. FINANCIAL RESULTS Serkan Okandan

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6 6 4Q22 HIGHLIGHTS 4G network rollout continues in line with our Digital Operator strategy CAPEX $263mn Strong EBITDA performance across the countries $453mn EBITDA 1.2% YoY Acceleration in local currency growth in fourth quarter +18.6% YoY local currency TOTAL REVENUE -4.9% YoY $940mn -5.1% YoY Good momentum in local currency service revenue +19.2% YoY local currency SERVICE REVENUE -4.4% YoY $901mn +30.1% YoY local currency 4G penetration reaches 53.9% 85mn 4G USERS +19.4% YoY Strong liquidity position, key liability management steps completed $3,019mn GROUP CASH $2,532mn at HQ Note: Amounts and 4G users exclude Russian operations, which were reclassified as 'held for sale' and 'discontinued operations' in 4Q22

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7 7 SALE OF RUSSIAN OPERATIONS Represents the optimal solution for all stakeholders Impact on VEON's local currency growth Russia classified as 'held for sale' With Russia: Revenue +6.4% YoY, EBITDA +11.0 YoY Without Russia: Revenue +14.0% YoY, EBITDA +12.6% YoY 3 Timeline Sale of Russian operations announced on 24 November 2022 Russian regulatory approval on 7 February 2023 Anticipated completion on or before 1 June 2023 1 Transaction details As at Dec'22, expected EV c.USD 5.0bn, EV/2022 EBITDA of c.3x2 Capital structure and deleveraging VEON's post sale "Pro-forma" leverage to reduce materially4 Note: See "Disclaimer" on slide 4 above for a discussion of factors that could cause actual results to differ from expectations.

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8 8 4G GROWTH DRIVING DATA & DIGITAL REVENUES Note: FY20, FY21 and FY22 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, YoY trends (USD million and % in local currency) 51.5 70.8 84.6 35.8% 46.4% 53.9% 4Q20 4Q21 4Q22 1,633.0 1,950.3 1,936.9 FY20 FY21 FY22 +20.0% +22.3% +16.5% +19.4% 4G users YoY growth +16.5% Data and digital revenues YoY growth in local currency 4G users and penetration (3 month active, million and %) +7.5p.p. 4G penetration YoY growth Mobile ARPU growth across all markets +4.8% to +22.0% YoY in local currency Solid growth in customer base 156.9mn subscribers +2.7% YoY Network expansion focused on speed and quality 57.0k 4G Sites +22.2% YoY

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9 9 DIGITAL OPERATOR STRATEGY DELIVERING RESULTS Growing customer engagement and retention RE AD PAY1440 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)1 27% 30% 39% 10% 16% 22% 4Q20 4Q21 4Q22 Single play and no play revenue Double play revenue Multiplay revenue Share of multiplay customers 1.0x 3.2x 3.6x Voice only 2play 4G Multiplay 1.0x 0.7x 0.4x Voice only 2play 4G Multiplay

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10 10 4Q22 GROUP SERVICE REVENUE +19.2% YOY IN LOCAL CURRENCY Note: Revenues in Pakistan and EBITDA in Kazakhstan, Pakistan and Ukraine were impacted by extraordinary non-recurring items in 4Q22 and in 4Q21 as noted in the Country Performance section of the 4Q22 results document +26.3% +86.9% EBITDA +20.5% +9.0% EBITDA +17.1% -9.7% EBITDA +30.2% +14.4% EBITDA +15.4% +40.1% EBITDA PAKISTAN KAZAKHSTAN BANGLADESH UZBEKISTAN KYRGYZSTAN -7.3% EBITDA UKRAINE +8.8% Service revenue Service revenue Service revenue Service revenue Service revenue Service revenue

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11 11 2022 GROUP SERVICE REVENUE +13.9% YOY IN LOCAL CURRENCY Note: Revenues and EBITDA in some countries were impacted by extraordinary non-recurring items in FY22 and in FY21 as noted in the Country Performance sections of the quarterly earnings release and trading update documents published in 2022 +14.0% +28.2% EBITDA +20.5% +12.8% EBITDA +12.3% -2.1% EBITDA +25.3% +45.2% EBITDA +13.6% -20.6% EBITDA PAKISTAN KAZAKHSTAN BANGLADESH UZBEKISTAN KYRGYZSTAN -4.7% EBITDA UKRAINE +8.1% Service revenue Service revenue Service revenue Service revenue Service revenue Service revenue

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12 12 UKRAINE Keeping Ukraine connected • Around 90% of Kyivstar network operational at the end of 4Q22 • "4G everywhere" focus in network investments drives 4G penetration to 53% in subscriber base, enabling high quality mobile internet connectivity • Helsi, the country's largest medical information system and a leading digital healthcare provider closed the year with 23 million registered users • Kyivstar maintains its leading position in both market share and NPS • UAH 230 million in charitable donations and employee support in 4Q22 • 38% YoY increase in electricity prices and 5% YoY indexation of radio frequency fees 4Q22 RESULTS AND YOY TRENDS SERVICE REVENUE +8.8% CAPEX UAH 8.1bn 6.7 7.5 8.1 4Q20 4Q21 4Q22 9.3 12.1 13.1 36% 46% 53% 4Q20 4Q21 4Q22 +15.4% +12.2% +8.8% 2.5bn +34.6% UAH TOTAL REVENUE 8.2bn 4.5bn UAH +8.7% EBITDA -7.3% UAH 13% 20% 24% 9% 14% 17% 4Q20 4Q21 4Q22 Revenue share Share of monthly active users 4G USERS AND PENETRATION (3 month active, million and %) MULTIPLAY CUSTOMERS SERVICE REVENUE AND YOY TRENDS (UAH Billion and %)

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13 13 PAKISTAN Double digit YoY revenue growth gaining market share • Solid double-digit topline growth YoY driven by increase in both 4G users and ARPU, gaining market share and maintaining NPS leadership • JazzCash, the most popular mobile wallet in Pakistan, with 2.3 billion transactions in 2022 • Jazz's leading entertainment platform Tamasha reached 4.3 million MAUs • Continued service revenue growth in Mobilink Bank (+63.0% YoY) and JazzCash (+49.8% YoY) • Elimination of energy subsidies impacted utility prices: diesel +71% YoY, electricity +53% YoY, negatively impacting EBITDA margin by c.4 p.p. • Normalised for one-off in 4Q22, YoY growth in total revenue and EBITDA was +13.2% YoY and +11.1% YoY respectively 4Q22 RESULTS AND YOY TRENDS SERVICE REVENUE 67.7bn +26.3% 20.3bn +46.3% PKR PKR 47.8 53.6 67.7 4Q20 4Q21 4Q22 25.0 35.0 41.3 38% 48% 56% 4Q20 4Q21 4Q22 +26.3% CAPEX +1.8% +12.1% TOTAL REVENUE 73.9bn 49.8bn PKR +24.3% EBITDA +86.9% PKR 25% 34% 44% 12% 16% 24% 4Q20 4Q21 4Q22 Revenue share Share of monthly active users 4G USERS AND PENETRATION (3 month active, million and %) SERVICE REVENUE AND YOY TRENDS (PKR Billion and %) MULTIPLAY CUSTOMERS

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14 14 KAZAKHSTAN Gaining market share for the third consecutive year, sustained YoY revenue growth above 20% • Beeline Kazakhstan continues to gain market share and sustain its leadership position in NPS • Revenue growth supported by 4G users (+14.7% YoY), higher data consumption (+19.2% YoY) • Adjusting for one-offs, revenue grew by 24.5% YoY, EBITDA grew by 17.3% YoY • First operator to reach 70% 4G penetration target of the Group, connected c.950 remote and rural settlements to 4G network during 2022 • Multiplay customer penetration reached 38.0% driven by strong growth in digital services • MyBeeline +33.1% (3.9 mln MAU), BeeTV +61.4% (859k MAU), Simply +30.2% YoY (246k MAU) 52.6 63.1 76.1 4Q20 4Q21 4Q22 5.2 6.3 7.2 54% 64% 68% 4Q20 4Q21 4Q22 28% 41% 52% 18% 29% 38% 4Q20 4Q21 4Q22 Revenue share Share of monthly active users +16.4% +19.9% +20.5% 4G USERS AND PENETRATION (3 month active, million and %) MULTIPLAY CUSTOMERS SERVICE REVENUE AND YOY TRENDS (KZT Billion and %) 4Q22 RESULTS AND YOY TRENDS SERVICE REVENUE 76.1bn +20.5% 23.4bn -18.2% KZT KZT CAPEX TOTAL REVENUE 79.2bn 38.3bn KZT +20.0% EBITDA +7.0% KZT

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15 15 BANGLADESH Third consecutive quarter of double-digit YoY topline growth, accelerating performance and gaining market share • High double-digit YoY topline growth in 4Q22, with 19% YoY increase in revenues in Dec'22, gaining market share of 1.4 p.p. YoY and becoming the market leader in NPS • Toffee, the leading entertainment platform in Bangladesh, reached 21.2 million MAUs in Dec'22 (3.3x YoY) with average daily active users up 5.0x YoY • 4G users +34.2% YoY with 4G penetration up 8.7 p.p. YoY, supporting higher ARPU (+5.0% YoY) • Strong expansion in 4G network with more than 4,000 new base stations in 2022, executing on strategy to become a nation-wide operator • Banglalink wins Ookla Speedtest Awards for the Fastest Mobile Network in Bangladesh for three consecutive years 4Q22 RESULTS AND YOY TRENDS TOTAL REVENUE 14.4bn SERVICE REVENUE 4.7bn 14.1bn 4.4bn 11.1 12.1 14.1 4Q20 4Q21 4Q22 8.0 12.0 16.1 24% 34% 43% 4Q20 4Q21 4Q22 3% 17% 29% 8% 15% 4Q20 4Q21 4Q22 Revenue share Share of monthly active users +2.3% +8.4% +17.1% EBITDA CAPEX +47.3% BDT -9.7% BDT 4G USERS AND PENETRATION (3 month active, million and %) MULTIPLAY CUSTOMERS SERVICE REVENUE AND YOY TRENDS (BDT Billion and %) +17.1% BDTBDT +16.9%

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16 16 UZBEKISTAN Record-high topline growth of 30% YoY with market leading NPS • Gaining market share by 1.9 p.p. YoY with market leading NPS • Topline growth of 30% driven by strong YoY increase in 4G users by 28.4%, mobile data usage by +39.8% and subsequently in data revenues by 38.9% YoY • 4G penetration in customer base reaches 65.8% • Portfolio of digital products and bundles support 45.1% YoY growth in multiplay customers with their penetration reaching 39.6% • Accelerated network rollout, with a 25.9% YoY increase in 4G base stations in the quarter • 4G network coverage launched in Tashkent metro 490.2 543.5 707.3 4Q20 4Q21 4Q22 3.1 4.3 5.5 46% 61% 66% 4Q20 4Q21 4Q22 30% 47% 57% 19% 30% 40% 4Q20 4Q21 4Q22 Revenue share Share of monthly active users -14.4% +10.9% +30.2% 4G USERS AND PENETRATION (3 month active, million and %) MULTIPLAY CUSTOMERS SERVICE REVENUE AND YOY TRENDS (UZS Billion and %) 4Q22 RESULTS AND YOY TRENDS SERVICE REVENUE 707.3bn +30.2% 53.7bn -64.5% UZS UZS CAPEX TOTAL REVENUE 709.7bn 274.7bn UZS +30.3% EBITDA +14.4% UZS

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17 17 DIGITAL PRODUCTS AND PARTNERSHIPS Driving our Digital Operator strategy SE LF -C A RE EN TE RT A IN - M EN T FI N TE CH 16.4mn Monthly active users +8.0% YoY 21.2mn Monthly active users 3.3x YoY 479 min Watch time per user in 4Q22 2.1x YoY JAZZCASH TAMASHA TOFFEEBEE TV KZ 12.7mn Monthly active users +29.0% YoY JAZZ WORLD 5.7mn Monthly active users +79.9% YoY MY BL 4.3mn Monthly active users 3.5x YoY 531 min Watch time per user in 4Q22 5.0x YoY BEEPUL 285k Monthly active users +27.4% YoY UZS 4.1tn FY22 Gross Transaction Value +58.1% YoY SIMPLY 246k Monthly active users +30.2% YoY KZT 166.8bn FY22 Gross Transaction Value 3.9mn Monthly active users +33.1% YoY MY BEELINE KZ 859k Monthly active users +61.4% YoY 723 min Watch time per user in 4Q22 +10.1% YoY PKR 4.2tn FY22 Gross Transaction Value +31.3% YoY • Monthly active users are ones active in December 2022, some platforms saw higher user activity within 4Q22

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18 18 AGENDA 1. OPENING 2. HIGHLIGHTS & BUSINESS UPDATE Nik Kershaw Kaan Terzioğlu 4. CLOSING REMARKS Kaan Terzioğlu 3. FINANCIAL RESULTS Serkan Okandan

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19 19 2022 HIGHLIGHTS Double digit growth in local currency EBITDA, with EBITDA margin at 46.4% EBITDA $1,743mn +12.6% YoY local currency Capex intensity at 22.1% as 4G network rollout continues $832mn CAPEX +2.9% YoY Double digit local currency revenue growth, accelerating in 4Q22 +14.0% YoY local currency TOTAL REVENUES -2.4% YoY $3,755mn -5.3% YoY Data and digital revenues up YoY in local currency across all markets +13.9% YoY local currency SERVICE REVENUES -2.4% YoY $3,600mn +1.1 p.p. YoY capex intensity Russia's reclass as held for sale reduces net debt by USD 3.1bn $4,461mn NET DEBT $8,207mn In 3Q22 Russia's reclass as held for sale reduces gross debt by USD 3.2bn $7,479mn GROSS DEBT $11,449mn In 3Q22 Note: Amounts exclude Russian operations, which were reclassified as 'held for sale' and 'discontinued operations' in 4Q22, whereas gross debt and net debt in 3Q22 include amounts from Russian operations

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20 20 REVENUE IN 2022 (USD million) 2022 REVENUES Double digit local currency revenue growth • Pakistan revenues were positively impacted by c.USD 30 million one-off reversal of sim tax provision in 4Q22 • Reported revenue growth for the Group was impacted by FX depreciation YoY across a number of markets • February YTD 2023 local currency revenue for the Group increased by 15.2% YoY 3, 7551,609 1,141 688 632 243 49 3 (608) Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan Other FX impact Group Total revenue 2022 results YoY trends TOTAL REVENUE $3,755mn +14.0% local currency -2.4% SERVICE REVENUE $3,600mn Service revenue Local currency YoY growth +8.2%+14.3% +12.1% +25.2%+20.8% +14.0% +13.9%+8.1%+14.0% +12.3% +25.3%+20.5% +13.1% +13.6% +13.9% local currency -2.4% Note: Countries' revenues are in constant currency; "Other" includes HQ, Georgia until its sale in June 2022 and eliminations

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21 21 2022 EBITDA AND EBITDA MARGIN Double digit local currency EBITDA growth 2022 results YoY trends EBITDA $1,743mn +12.6% local currency -5.3% EBITDA MARGIN 46.4% EBITDA IN 2022 (USD million) 1,743 824 671 347 230 129 7 (150) (316) Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan Other FX impact Group -4.7%+28.2% +45.2%+12.8%Local currency YoY growth -2.1% +12.6% • Pakistan EBITDA was positively impacted by c.USD 91 million one-off reversal of sim tax provision in 4Q22 • Project Optimum delivered USD 95 million savings in 2022 with cost intensity improving by 2.5 p.p. YoY in local currency • Energy costs increased across the Group +c.30% YoY negatively impacting Group EBITDA margin • February YTD 2023 local currency EBITDA for the Group increased by 11.8% YoY -1.4 p.p. -20.6% Note: Countries' EBITDA are in constant currency; "Other" includes HQ, Georgia until its sale in June 2022 and eliminations

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22 22 2022 FINANCIAL UPDATE Strong execution of deleveraging the Group continues 31 Dec 2022 vs. 30 Sep 2022 GROSS DEBT -34.7% $7.5bn NET DEBT (excl. lease liabilities) $3.7bn LEVERAGE INCL. LEASES1 2.56x LEVERAGE EXCL. LEASES2 2.36x -28.7% CASH • Total cash USD 3.0 billion, with USD 2.5 billion held at the HQ level • Operations largely self funding DEBT • In 4Q22 average cost of debt was 6.7%, down 20bp YoY mainly driven by the reclassification of Russia to held for sale; offset by increased interest rates of floating USD and 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 years, with USD 1.4 billion maturing in next 12 months • HQ net debt (excluding leases) of USD 3.2 billion PORTFOLIO OPTIMIZATION • Sale of Georgia and Algeria • Work on optimizing tower portfolio continuing • Ownership of Kazakhstan and Uzbekistan operations were transferred from PJSC VimpelCom to VEON RECENT EVENTS • VEON's Scheme of arrangement to extend 2023 Notes maturities approved by UK High Court in January 2023. The amendment to the 2023 Notes will become effective on receipt of all required licenses extending their maturities to 4Q23 • Sale of Russian operations has been approved by Russian regulators in February 2023, we anticipate the remaining closing conditions will be satisfied and the transaction will complete on or before 1 June 2023 Including Russia: 1. Leverage ratio incl. leases in 4Q21 was 2.44x, in 3Q22 was 2.41x 2. Leverage ratio excl. leases in 4Q21 was 1.91x, in 3Q22 was 1.84x 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.

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23 23 70% 20% 15% -1% -2% 83% 5% 4% 4% 2% 1%1% GROUP DEBT AND LIQUIDITY AS OF 31 DECEMBER 2022 Debt reduces significantly as Russia reclassified as 'held for sale' LEGEND: USD RUB PKR BDT UAH UZS EUR OTHER CASH NET DEBT (EXCLUDING LEASES) GROSS DEBT Total gross debt excl. leases USD 6.7bn USD 3.0bn USD 3.7bn 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 2.56x Leverage 2.36x 68% 10% 9% 1%1% USD 7.5bn • Gross debt, net debt and capitalized leases significantly reduced in 4Q22 versus 3Q22 due to reclassification of Russian operations as 'held for sale' 1% 28% 41% 18% 12%

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24 24 RUSSIA'S DEBT AND LIQUIDITY AS OF 31 DECEMBER 2022 With the sale of Russia, Group debt will reduce by c.USD 5.0 billion 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 CASH NET DEBT (EXCLUDING LEASES) GROSS DEBT CAPITALIZED LEASES1 DEBT AND CASH NET DEBT AND LEASES Post-IFRS 16 leverage 1.71x Leverage 0.89x Total gross debt excl. leases USD 1.3bn USD 1.9bn USD 3.2bn USD 0.1bn USD 1.2bn LEGEND: External Russian Ruble • The sale of Russia is expected to be concluded at an enterprise value of c. USD 5.0 billion (based on December 2022 FX rates)

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25 25 DEBT MATURITY Sufficient cash to cover debt repayments for the next 12 months DEBT MATURITY SCHEDULE AS OF 31 DECEMBER 2022 (USD billion) USD RUB PKR BDT UAH OTHER RCF (USD equivalent) 1. As of 31 December 2022 2. USD 250 million and USD 805 million of the total commitments under RCF matures in 2024 and 2025 respectively • USD 1.4 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 in 2024/20252 • USD 1,229 million VEON Holdings' bonds maturing in February (USD 529 million) and April 2023 (USD 700 million), have been subject to a Scheme of Arrangement in January, pursuant to which the maturities will be extended to October and December 2023, respectively, once relevant licenses are obtained • As per terms of the Scheme, if by 2 May 2023 relevant licenses are not received or if VEON indicates licenses will not be received, the notes become due and payable. If the licenses are received before 2 May 2023, the notes become subject to a put at 102%, which should only be open to international investors 1 1.48 1.06 0.50 Cash and cash equivalents (USD billion) Operating companies Headquarters (RCF) Headquarters (other) 3.02 0.25 0.81 1.38 0.88 2.38 0.43 1.34 0.07 0.06 0.12 2023 2024 2025 2026 2027 2028 2029 >2029

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26 26 DEBT MANAGEMENT UPDATE 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% 5.0% 5.0% 5.0% 5.0% 4.6% 4.6% 4.6% 5.1% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Average cost of debt, total Average cost of USD debt 3.4 3.3 3.2 3.3 3.3 3.2 2.9 2.73.0 2.7 2.4 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Debt maturity excluding RCF Debt maturity with RCF • Debt cost reflects blended rate of borrowings across our basket of different currencies, mainly USD, RUB and PKR (average USD cost 5.1%) • The lower cost of debt vs. 3Q22 is driven by the reclassification of Russia as 'held for sale', offset by the increase in USD and PKR interest rates • USD 82 million was received under RCF in November 2022. The RCF was fully drawn at year-end as the USD 1,055 million • In Q422, VEON Holdings commenced the Scheme of Arrangement process for the 2023 Notes, which was approved by the UK High Court in January 2023 • The amendment to the 2023 Notes will become effective upon receipt of relevant licenses, at which time the maturity dates of the February 2023 and April 2023 notes will be amended to October 2023 and December 2023, respectively

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27 27 AGENDA 1. OPENING 2. HIGHLIGHTS & BUSINESS UPDATE Nik Kershaw Kaan Terzioğlu 4. CLOSING REMARKS Kaan Terzioğlu 3. FINANCIAL RESULTS Serkan Okandan

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28 28 2023 OUTLOOK Strong momentum in revenue and EBITDA expected to continue in 2023 • YTD February 2023 local currency revenue increased 15.2% YoY and EBITDA increased by 11.8% YoY FY 2022 Actual FY 2023 Guidance Total Revenue +14.0% YoY in local currency 10%-14% local currency growth EBITDA +12.6% YoY in local currency Capex intensity 22.1% 18%-20% Note: See "Disclaimer" on slide 4 above for a discussion of factors that could cause actual results to differ from expectations.

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29 29 Managing our portfolio Sale of Georgia and Algeria concluded Continued work on monetizing towers assets Sales process for Russian operations moving ahead 5 Driving growth 4Q22 revenue +18.6% YoY local currency growth 4G penetration of 53.9% (+7.5 p.p. YoY) 84.6 million 4G users; with multiplay users +40.3% YoY 4 Protecting our people Supporting employees and customers impacted by the conflict at home and abroad1 Keeping our customers connected Global operator providing essential data and connectivity services everywhere we operate2 Focus on cash generation and preservation Group liquidity at USD 3.0bn, 2.5bn held at HQ level, and self-sufficient financing for our operating companies3 2022 PRIORITIES SUCCESSFULLY DELIVERED

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30 30 Managing our portfolio Continued work on monetizing towers assets4 Driving growth and expanding margin Execution on "4G for all" and "Digital Operator" Strengthen position for accelerating growth3 Focus on capital structure Aim to finalize the Scheme of Arrangement Material deleverage of the Group2 Russia sale Aim to conclude Russia sale transaction by June 20231 Unlocking shareholder value Assessing local listings Returning value back to shareholders5 2023 AMBITIONS

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31 31 Q&A VEON 4Q22 RESULTS

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32 32 THANK YOU! ir@veon.com Tel: +31 (0)20 79 77 200 VEON 4Q22 RESULTS

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33 33 APPENDIX VEON 4Q22 RESULTS

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34 34 REVENUE IN 4Q22 (USD million) 4Q22 REVENUES Accelerating revenue growth trends in local currency across the group • Pakistan revenues were positively impacted by c.USD 30 million one-off reversal of sim tax provision in 4Q22 • Kazakhstan revenues were negatively impacted by c.USD 6.4 million accounting adjustment in 4Q22 • Excluding one-offs, normalised revenue was +15.4% YoY, service revenue +15.8% YoY • Reported revenue growth for the Group was impacted by FX depreciation YoY in Pakistan, Ukraine and Bangladesh 940 332 224 169 140 64 13 (2) Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and eliminations Group Total revenue 4Q22 results YoY trends TOTAL REVENUE $940mn +18.6% local currency -4.9% SERVICE REVENUE -4.4% $901mn Service revenue Local currency YoY growth +8.7%+24.3% +16.9% +30.3%+20.0% +18.6% +19.2%+8.8%+26.3% +17.1% +30.2%+20.5% +14.5% +15.4% +19.2% local currency

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35 35 4Q22 EBITDA AND EBITDA MARGIN Balanced EBITDA performance across the Group 4Q22 results YoY trends EBITDA $453mn +30.1% local currency +1.2% EBITDA MARGIN 48.2% EBITDA IN 4Q22 (USD million) 453 224 123 82 46 25 5 (51) Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and eliminations Group -7.3%+86.9% +14.4%+9.0%Local currency YoY growth -9.7% +30.1% • Extraordinary donations and employee support in Ukraine of c.USD 6.3 million • Pakistan EBITDA was positively impacted by c.USD 91 million one-off reversal of sim tax provision in 4Q22 • Kazakhstan EBITDA was negatively impacted by c.USD 6.4 million one-off accounting adjustment in 4Q22 and positively by c.USD 1.3 million government grant for radio frequency taxes in 4Q21 • Excluding one-offs, normalised EBITDA increased by 7.4% YoY in local currency • Inflation rose across operations impacting energy costs, +c.33% YoY for the Group +2.9p.p. +40.1%

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36 36 DEBT BY ENTITY1 1. Excluding lease liabilities Outstanding debt Type of debt 31 DECEMBER 2022 (USD MILLION EQUIVALENT) Entity Bonds Loans Cash-pool overdrafts and other Total VEON Holdings B.V. 4,723 1,055 - 5,778 Pakistan Mobile Communications Limited - 661 1 662 Banglalink Digital Communications Ltd. - 124 - 124 Private Joint Stock Company Kyivstar - 59 - 59 Other 9 12 26 47 Total 4,732 1,911 27 6,670 PJSC VimpelCom (classified as 'held for sale') 6 1,280 - 1,286

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37 37 LEASE LIABILITIES (PRINCIPAL) USD, million Local currency, million 31 December 2022 30 September 2022 31 December 2022 30 September 2022 Pakistan 227 219 51,419 49,980 Ukraine 148 128 5,398 4,694 Bangladesh 329 315 33,900 31,880 Kazakhstan 61 56 28,176 26,493 Uzbekistan 30 33 338,251 365,132 Other 5 5 434 394 Headquarters 10 9 10 9 Total 809 764 Russia (classified as 'held for sale') 2,328 133,652

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38 38 DEBT MATURITY Debt maturity schedule 2023-2024 as of 31 December 2022 DEBT MATURITY SCHEDULE 2023-2024 (pro-forma for anticipated amendment of 2023 Notes)1 (Millions) 1. As per terms of scheme of arrangement if by 2 May 2023 relevant licenses are not received or if VEON indicates licenses will not be received the notes become due and payable and If the license are received before 2 May 2023 the notes become subject to a put at 102%, which should only be open to 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 Mar 2023 Sep 2023 Oct 1 2023 Dec 1 2023 Dec 2023 2023 other Mar 2024 Mar 2 2024 Jun 2024 Sep 2024 2024 other Outstanding debt, USD equivalent 26 26 529 700 21 78 26 250 533 26 45 Outstanding debt, debt currency PKR 6,027 PKR 6,027 USD 529 USD 700 UAH 760 MIX PKR 6,027 USD 250m USD 533 PKR 6,027 MIX Entity Pakistan Mobile Communicati ons Limited 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

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39 39 UKRAINE REVENUE (UAH Billion) EBITDA1 (UAH Billion) 4G USERS AND PENETRATION (Million and %) +8.7% YoY -7.3% YoY 7.3 7.5 7.9 7.4 7.7 8.2 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 4.9 4.8 4.7 4.9 4.6 4.4 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 11.6 12.1 12.7 11.6 12.1 13.1 44% 46% 49% 47% 50% 53% 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 # of 4G sites 4G population coverage Data Usage per subscriber VENTURES Kyivstar TV MAU DIGITAL OPERATOR Self-care apps MAU 3.9mn (-1.2% YoY) INFRASTRUCTURE 16.4k (+23.4% YoY) 1.1mn (+60.5% YoY) ARPU93.7% (+3.4p.p. YoY) UAH 103 (+17.3% YoY) 9.0Gb (+26.3% YoY) Total mobile subscribers# of physical sites 13.5k 24.8mn Multiplay customers, MAU 3.5mn 1. One-offs impacting EBITDA: extraordinary charitable donations and employee support in 1Q22 (UAH 216.5 million), in 2Q22 (UAH 148.9 million), in 3Q22 (UAH 279.0 million) and in 4Q22 (UAH 229.5 million) 2. Sum of monthly active users of the app and of the web version of the platform Helsi MAU2 1.5mn (acquired in 3Q22)

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40 40 EBITDA1 (PKR Billion) PAKISTAN 1. One-off 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 +24.3% YoY REVENUE1 (PKR Billion) 4G USERS AND PENETRATION (Million and %) VENTURES JazzCash MAU Entertainment apps MAU2 16.4mn (+8.0% YoY) 8.7mn (2.2x YoY) 28.4 26.6 28.1 29.7 26.5 49.8 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 57.2 59.4 60.1 63.5 64.2 73.9 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 33.8 35.0 36.7 38.2 40.6 41.3 47% 48% 49% 51% 54% 56% 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Multiplay customers, MAU 13.9mn # of 4G sites 4G population coverage Data Usage per subscriber DIGITAL OPERATOR Self-care apps MAU 12.7mn (+29.0% YoY) INFRASTRUCTURE 13.9k (+11.0% YoY) ARPU57.0% (+1.8p.p. YoY) PKR 300 (+22.0% YoY) 5.8Gb (+22.5% YoY) Total mobile subscribers# of sites 15.2k 73.7mn +86.9% YoY

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41 41 EBITDA1 (KZT Billion) KAZAKHSTAN 1. One-offs impacting EBITDA: tax incentive for radio frequencies in 3Q21 (KZT 2.7 billion) and in 4Q21 (KZT 0.6 billion), for extraordinary charitable donations in 1Q22 (KZT 2.0 billion) that were reclassified below EBITDA in 2Q22 2. Includes users of more than one product +20.0% YoY +7.0% YoY REVENUE (KZT Billion) 4G USERS AND PENETRATION (Million and %) VENTURES 6.1 6.3 6.7 7.1 7.2 7.2 62% 64% 67% 69% 69% 68% 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 63.9 66.0 64.4 70.7 78.7 79.2 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 36.8 39.1 40.2 38.335.8 30.2 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 BeeTV MAU 858.6k (+61.4% YoY) FinTech MAU2 2.6mn (+30.8 YoY) Multiplay customers, MAU 3.3mn # of 4G sites 4G population coverage Data Usage per subscriber DIGITAL OPERATOR Self-care apps MAU 3.9mn (+33.1% YoY) INFRASTRUCTURE 7.2k (+30.7% YoY) ARPU87.3% (+6.8p.p. YoY) KZT 1,867 (+4.8% YoY) 16.8Gb (+19.2% YoY) Total mobile subscribers# of sites 7.3k 10.6mn Big Data & AdTech Revenue Growth 3.9x YoY

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42 42 BANGLADESH +16.9% YoY -9.7% YoY REVENUE (BDT Billion) EBITDA (BDT Billion) 4G USERS AND PENETRATION (Million and %) VENTURES Toffee TV MAU 21.2mn (3.3x YoY) 12.4 12.3 12.4 13.2 13.8 14.4 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 5.2 5.2 4.7 4.9 5.1 4.7 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 11.4 12.0 12.5 13.5 15.0 16.1 33% 34% 35% 37% 41% 43% 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Multiplay customers, MAU 4.4mn # of 4G sites 4G population coverage Data Usage per subscriber DIGITAL OPERATOR Self-care apps MAU 5.7mn (+79.9% YoY) INFRASTRUCTURE 14.1k (+43.4% YoY) ARPU81.1% (+12.0p.p. YoY) BDT 121 (+5.0% YoY) 5.4Gb (+33.2% YoY) Total mobile subscribers# of sites 14.1k 37.6mn

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43 43 EBITDA2 (UZS Billion) UZBEKISTAN 1. One-offs impacting total revenue: credit received from a vendor in 3Q21 (UZS 27.8 billion), reversal of excise tax provision in 3Q22 (UZS 6.6 billion) 2. One-offs impacting EBITDA: one-off credit received from a vendor in 3Q21 (UZS 27.8 billion), 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 (Million and %) VENTURES 3.9 4.3 4.7 4.8 4.8 5.5 57% 61% 62% 62% 62% 66% 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 543.0 544.7 580.8 620.0 664.7 709.7 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Beepul MAU 285.3k (+27.4% YoY) Multiplay customers, MAU 2.8mn # of 4G sites 4G population coverage Data Usage per subscriber DIGITAL OPERATOR Self-care apps MAU 3.0mn (+29.6% YoY) INFRASTRUCTURE 3.9k (+25.9% YoY) ARPU78.0% (+16.0p.p. YoY) UZS 27,982 (+8.7% YoY) 8.5Gb (+39.8% YoY) Total mobile subscribers# of sites 4.1k 8.4mn 280.7 240.1 292.0 502.0 302.8 274.7 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 +14.4% YoY Entertainment apps MAU3 1.5mn (+24.2% YoY) +30.3% YoY

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44 44 RECONCILIATION TABLES Extract from VEON ltd.'s [trading update] RECONCILIATION OF CAPEX RECONCILIATION OF CONSOLIDATED EBITDA USD million, unaudited 4Q22 4Q21 FY22 FY21 Capex 263 277 832 808 Adding back purchase of licenses (1) 4 540 469 Difference in timing between accrual and payment for capital expenditures (99) (28) (362) (420) Cash paid for capital expenditures 163 253 1,010 857 USD million, unaudited 4Q22 4Q21 FY22 FY21 EBITDA 453 448 1,743 1,840 Depreciation (141) (159) (557) (605) Amortization (61) (53) (221) (194) Impairment gain/(loss) (4) (15) 107 (27) Gain/(loss) on disposals of non-current assets (1) 8 (1) 8 Gain/(loss) on disposals of subsidiaries - 728 (31) 728 Operating profit 246 956 1,039 1,751 Financial income and expenses: (137) (153) (551) (578) ⎼ Including finance income 13 5 32 13 ⎼ Including finance expenses (150) (158) (583) (591) Net foreign exchange (loss)/gain and others: 109 10 188 20 ⎼ Including other non-operating (losses)/gains 36 8 68 26 ⎼ Including net foreign exchange gain/(loss) 74 2 119 (7) Profit before tax 217 813 676 1,192 Income tax gain/(expense) (79) (98) (61) (344) Profit/(loss) from discontinued operations 76 (374) (779) (47) Profit/(loss) for the period 214 341 (164) 801 ⎼ Of which profit/(loss) attributable to non-controlling interest 14 42 153 127 ⎼ Of which profit/(loss) attributable to VEON shareholders 200 299 (317) 674

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45 45 RECONCILIATION TABLES Extract from VEON ltd.'s [trading update] RECONCILIATION OF LOCAL CURRENCY AND REPORTED GROWTH RATES - 4Q22 COMPARED TO 4Q21 - FY22 COMPARED TO FY21 RECONCILIATION OF VEON CONSOLIDATED NET DEBT USD million 31 December 2022 30 September 2022 30 June 2022 Net debt excluding banking operations in Pakistan 4,461 8,207 9,969 Cash and cash equivalents\* 3,106 3,293 2,339 Deposits in MMBL and JazzCash in Pakistan (91) (55) (59) Long - term and short-term deposits 3 4 6 Gross debt 7,479 11,449 12,256 Interest accrued related to financial liabilities 99 137 101 Other unamortised adjustments to financial liabilities (fees, discounts etc.) (7) (17) (19) Derivatives not designated as hedges 0 0 27 Derivatives designated as hedges (0) 5 8 Other financial liabilities (0) (0) 1 Total financial liabilities 7,571 11,574 12,374 Local currency Forex and Other Reported Local currency Forex and Other Reported Pakistan 24.3% (26.9%) (2.6%) 86.9% (40.0%) 46.9% Ukraine 8.7% (29.4%) (20.7%) (7.3%) (25.1%) (32.4%) Bangladesh 16.9% (19.4%) (2.5%) (9.7%) (15.0%) (24.7%) Kazakhstan 20.0% (9.7%) 10.2% 7.0% (8.6%) (1.6%) Uzbekistan 30.3% (5.1%) 25.3% 14.4% (4.4%) 10.0% Total 18.6% (23.5%) (4.9%) 30.1% (28.9%) 1.2% Total Revenue EBITDA Local currency Forex and Other Reported Local currency Forex and Other Reported Pakistan 14.3% (23.0%) (8.7%) 28.2% (26.4%) 1.8% Ukraine 8.2% (16.1%) (7.9%) (4.7%) (13.7%) (18.3%) Bangladesh 12.1% (9.9%) 2.2% (2.1%) (8.3%) (10.3%) Kazakhstan 20.8% (9.0%) 11.8% 12.8% (8.5%) 4.3% Uzbekistan 25.2% (5.0%) 20.3% 45.2% (5.5%) 39.8% Total 14.0% (16.4%) (2.4%) 12.6% (17.9%) (5.3%) Total Revenue EBITDA Note: Certain comparative amounts have been reclassified to conform to the current period presentation. Accounts in this table on 30 September 2022 and 30 June 2022 include balance sheet amounts of Russian operations, which in 4Q22 were reclassified to Assets held for sale and Liabilities held for sale. \* In 4Q22 cash and cash equivalents include an amount of USD 67 million relating to banking operations in Pakistan

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46 46 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. 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

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## Exhibit 99.3

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VEON Average and closing rates of functional currencies to USD Index sheet Consolidated VEON Long Name ISO code 4Q22 4Q21 YoY 4Q22 4Q21 YoY Consolidated VEON Pakistan Rupee PKR 222.98 174.52 (27.8%) 226.66 176.80 (28.2%) Customers Bangladeshi Taka BDT 102.77 85.73 (19.9%) 103.14 86.09 (19.8%) Pakistan Ukraine Hryvnia UAH 36.57 26.68 (37.1%) 36.57 27.28 (34.1%) Bangladesh Kazakhstan Tenge KZT 468.00 430.01 (8.8%) 462.65 431.67 (7.2%) Ukraine Uzbekistan Som UZS 11,175.68 10,742.07 (4.0%) 11,225.46 10,837.66 (3.6%) Uzbekistan Kyrgyzstan Som KGS 83.80 84.79 1.2% 85.68 84.76 (1.1%) Russian Ruble RUB 62.42 72.61 14.0% 70.34 74.29 5.3% Georgia Lari GEL 2.73 3.13 12.7% 2.70 3.10 12.9% Algeria Dinar DZD 139.11 138.16 (0.7%) 137.35 138.81 1.0% Euro EUR 0.98 0.87 (12.0%) 0.93 0.88 (6.2%) Average rates Closing rates

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VEON index page (in USD millions, unless stated otherwise, unaudited) Consolidated\* 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 FY20 FY21 FY22 Total revenue 913 966 983 988 968 957 890 940 3,482 3,850 3,755 Service revenue 876 928 944 942 925 919 854 901 3,355 3,690 3,600 EBITDA 442 448 502 448 446 464 380 453 1,625 1,840 1,743 EBITDA margin (%) 48.4% 46.4% 51.0% 45.3% 46.0% 48.5% 42.7% 48.2% 46.7% 47.8% 46.4% EBIT 254 256 284 956 231 224 339 246 855 1,751 1,039 Profit/(Loss) before tax 131 124 124 813 211 113 134 217 405 1,192 676 Net income/(loss) attributavle to VEON shareholders 129 101 145 299 (140) 135 (512) 200 (349) 674 (317) CAPEX 193 189 149 277 177 206 187 263 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% 24.5% 21.0% 20.3% Equity Free Cash Flow after licenses 9 (59) 168 (52) (56) (282) 168 16 30 66 (154) Notes: For definitions please see VEON Ltd.'s earnings release published on its website on the date hereof \* Prior year comparatives restated for two previous years from the last year reported in this factbook, without restatement of quarterly amounts for FY20 \*\* Pre-IFRS16 values (values before adjustments related to IFRS16)

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![](factbook4q2022003.jpg)

VEON index page (in millions) Mobile customers\* 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 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 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 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 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 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 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 3.3 3.3 1.9 Total 143.3 140.9 143.5 145.1 148.6 149.7 152.3 154.1 158.0 156.7 157.2 156.9 145.1 154.1 156.9 Fixed line customers\* 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 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 1.2 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 0.5 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 1.6 1.8 1.8 \* Prior year comparatives restated for two previous years from the last year reported in this factbook

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![](factbook4q2022004.jpg)

Pakistan index page (in USD millions, unless stated otherwise, unaudited) MOBILE 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 FY20 FY21 FY22 Total revenue 316 288 303 325 347 370 349 341 338 325 289 332 1,233 1,408 1,285 Service revenue 293 266 278 297 318 340 320 307 306 296 263 304 1,134 1,285 1,169 EBITDA 147 133 188 144 156 161 173 153 158 152 120 224 612 643 654 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% 49.7% 45.7% 50.9% CAPEX 68 85 20 76 92 89 58 79 84 57 27 91 249 318 258 Data Revenue 102.2 97.8 107.3 119.0 129.0 135.7 137.2 132.4 138.8 137.0 122.1 123.5 426 534 521 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 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 n.a. n.a. n.a. MOU (min) 500 475 469 472 464 450 431 437 428 423 396 416 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 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% 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 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 73.9 199 229 262 Service revenue 45.7 43.4 46.5 47.8 50.4 52.5 52.5 53.6 54.3 57.7 58.4 67.7 183 209 238 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 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% 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 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 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 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 n.a. n.a. n.a. MOU (min) 500 475 469 472 464 450 431 437 428 423 396 416 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 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% n.a. n.a. n.a. Additional KPI's 4G network coverage 54% 56% 56% 59% 54% 55% 55% 55% 56% 56% 57% 57% 59% 55% 57% 4G mobile customer penetration (3 Months active) 29% 30% 35% 38% 41% 44% 47% 48% 49% 51% 54% 56% 38% 48% 56% Notes: For definitions please see VEON Ltd.'s earnings release published on its website on the date hereof \*\* Pre-IFRS16 values (values before adjustments related to IFRS16)

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![](factbook4q2022005.jpg)

Bangladesh index page (in USD millions, unless stated otherwise, unaudited) MOBILE 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 FY20 FY21 FY22 Total revenue 137 130 136 134 135 140 145 143 144 148 144 140 537 564 576 Service revenue 134 128 133 131 132 137 143 141 142 146 141 138 527 553 566 EBITDA 59 54 60 55 55 56 62 61 55 56 53 46 228 235 210 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% 42.4% 41.6% 36.5% CAPEX 44 15 18 49 26 16 12 35 47 57 49 43 126 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 48.3 133 160 184 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 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 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 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 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% 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 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 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 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 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% 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 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 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 33.2 35.1 37.6 ARPU (BDT) 113 110 116 112 111 113 117 115 114 119 123 121 n.a. n.a. n.a. MOU (min) 228 212 231 224 223 220 221 219 213 216 216 208 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 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% n.a. n.a. n.a. Additional KPI's 4G network coverage 52% 52% 53% 60% 67% 68% 69% 69% 72% 77% 79% 81% 60% 69% 81% 4G mobile customer penetration (3 Months active) 17% 20% 21% 24% 26% 29% 33% 34% 35% 37% 40% 43% 24% 34% 43% Notes: For definitions please see VEON Ltd.'s earnings release published on its website on the date hereof \*\* Pre-IFRS16 values (values before adjustments related to IFRS16)

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![](factbook4q2022006.jpg)

Ukraine index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 FY20 FY21 FY22 Total revenue 238 223 236 237 245 257 270 282 276 252 219 224 933 1,055 971 EBITDA 161 151 160 157 167 173 183 181 171 156 126 123 630 704 575 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% 67.5% 66.8% 59.2% CAPEX 38 58 39 44 39 53 44 68 23 35 51 67 179 204 176 MOBILE Total revenue (Mobile) 221 208 220 220 227 239 251 262 257 236 204 209 869 980 906 Service Revenue (Mobile) 221 208 220 220 227 239 251 262 257 236 204 209 869 980 906 Data Revenue 119.7 117.0 124.7 127.2 137.2 143.0 151.1 159.0 151.5 136.0 118.6 120.3 489 590 527 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 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 n.a. n.a. n.a. MOU (min) 603 641 621 651 633 620 595 621 624 567 557 559 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 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% n.a. n.a. n.a. FIXED-LINE Total revenue (Fixed) 15 14 14 15 16 17 17 18 17 15 14 13 59 68 59 Service revenue (Fixed) 15 14 14 15 16 17 17 18 17 15 14 13 59 68 59 FTTB revenue 10 10 9 9 10 11 11 11 10 9 7 8 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 1.2 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 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 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 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 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% 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 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 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 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 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 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 n.a. n.a. n.a. MOU (min) 603 641 621 651 633 620 595 621 624 567 557 559 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 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% n.a. n.a. n.a. FIXED-LINE Total revenue (Fixed) 384 388 399 430 451 464 465 480 483 449 477 470 1,602 1,859 1,879 Service revenue (Fixed) 384 388 399 430 451 464 465 480 483 449 477 470 1,602 1,859 1,879 FTTB revenue 248 257 259 266 291 295 297 298 297 266 273 290 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 1.2 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 n.a n.a n.a Additional KPI's 4G network coverage 77% 81% 84% 86% 87% 89% 89% 90% 90% 93% 93% 94% 86% 90% 94% 4G mobile customer penetration 30% 31% 34% 36% 38% 40% 44% 46% 49% 47% 50% 53% 36% 46% 53% Notes: For definitions please see VEON Ltd.'s earnings release published on its website on the date hereof

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![](factbook4q2022007.jpg)

Uzbekistan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 FY20 FY21 FY22 Total revenue 55 48 48 47 45 47 51 51 53 56 61 64 198 194 233 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 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% 34.5% 45.9% 53.4% CAPEX 5 21 12 14 12 3 6 14 5 35 16 5 52 36 61 MOBILE Total revenue (Mobile) 54 47 48 47 45 47 51 50 53 56 61 63 196 193 232 Service Revenue (Mobile) 54 47 48 47 45 47 51 50 53 56 61 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 42.9 111.0 122.4 159.5 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 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 n.a. n.a. n.a. MOU (min) 598 642 692 674 681 733 737 730 684 697 677 655 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 n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 17% 20% 16% 14% 13% 13% 14% 12% 11% 16% 13% 12% 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 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 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 FY20 FY21 FY22 Total revenue 522 480 492 492 474 495 543 545 581 620 665 710 1,985 2,057 2,575 EBITDA 242 202 59 177 235 189 281 240 292 502 303 275 680 944 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% 34.2% 45.9% 53.3% CAPEX 49 212 122 146 128 34 65 151 57 390 180 54 529 379 681 MOBILE Total revenue (Mobile) 518 477 488 488 470 492 540 541 579 618 663 707 1,970 2,044 2,566 Service Revenue (Mobile) 515 476 488 487 470 492 540 541 579 618 663 705 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 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 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 n.a. n.a. n.a. MOU (min) 598 642 692 674 681 733 737 730 684 697 677 655 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 n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 17% 20% 16% 14% 13% 13% 14% 12% 11% 16% 13% 12% 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 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 11 9 8 Additional KPI's 4G network coverage 26% 34% 47% 52% 60% 61% 61% 62% 62% 67% 75% 78% 52% 62% 78% 4G mobile customer penetration (3 Months active) 37% 39% 43% 46% 50% 54% 57% 61% 62% 62% 64% 66% 46% 61% 66% Notes: For definitions please see VEON Ltd.'s earnings release published on its website on the date hereof \*\* Pre-IFRS16 values (values before adjustments related to IFRS16)

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![](factbook4q2022008.jpg)

Kazakhstan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 FY20 FY21 FY22 Total revenue 118 111 122 128 128 137 150 154 141 160 166 169 479 569 636 EBITDA 63 61 64 76 66 72 86 83 66 88 85 82 265 307 321 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% 55.3% 54.0% 50.4% CAPEX 25 28 17 49 21 24 24 66 14 19 39 50 119 135 123 MOBILE Total revenue (Mobile) 99 92 102 107 106 115 128 130 130 144 112 134 401 478 519 Service Revenue (Mobile) 98 92 100 103 102 111 122 123 124 140 106 127 392 459 497 Data Revenue 47.8 47.7 50.3 53.5 57.5 65.2 69.3 73.2 74.3 85.7 56.1 77.0 199 265 293 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 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 n.a. n.a. n.a. MOU (min) 298 332 336 322 311 334 326 309 314 298 284 262 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 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% n.a. n.a. n.a. FIXED-LINE Total revenue (Fixed) 18 19 20 21 22 23 23 24 12 15 54 36 78 91 117 Service revenue (Fixed) 18 19 20 21 22 23 23 24 12 15 54 36 78 91 116 FTTB revenue 8 9 9 9 10 10 11 11 10 11 11 13 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 0.5 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 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 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 79,196 197,775 242,509 293,057 EBITDA 24,628 25,325 26,933 32,488 27,678 30,796 36,809 35,777 30,233 39,092 40,180 38,279 109,373 131,060 147,784 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% 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 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 62,492 165,489 203,738 238,589 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 59,416 161,873 195,583 228,084 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 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 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 n.a. n.a. n.a. MOU (min) 298 332 336 322 311 334 326 309 314 298 284 262 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 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% 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 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 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 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 0.5 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 n.a n.a n.a Additional KPI's 4G network coverage 69% 72% 75% 76% 77% 79% 80% 81% 82% 84% 86% 87% 76% 81% 87% 4G mobile customer penetration 44% 44% 50% 54% 56% 59% 62% 64% 66% 69% 69% 68% 54% 64% 68% Notes: For definitions please see VEON Ltd.'s earnings release published on its website on the date hereof \*\* Pre-IFRS16 values (values before adjustments related to IFRS16)

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