# EDGAR Filing Document

**Accession Number:** 0001468091
**File Stem:** 0001468091-25-000083
**Filing Date:** 2025-8
**Character Count:** 142104
**Document Hash:** cb2c129fd0908035a7c6079b086b9815
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001468091-25-000083.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001468091-25-000083

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VEON Ltd.
- **CENTRAL INDEX KEY:** 0001468091
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO TELEPHONE COMMUNICATIONS [4812]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 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:** 251191561

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** INDEX TOWER (EAST TOWER)
- **STREET 2:** UNIT 1703
- **CITY:** DUBAI (DIFC)
- **PROVINCE COUNTRY:** C0
- **BUSINESS PHONE:** 971 4 433 1145

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** INDEX TOWER (EAST TOWER)
- **STREET 2:** UNIT 1703
- **CITY:** DUBAI (DIFC)
- **PROVINCE COUNTRY:** C0

**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 August 2025**

**Commission File Number 1-34694**

    

**VEON Ltd.**

**(formerly VimpelCom Ltd.)**

(Translation of registrant's name into English)

    

**Index Tower (East Tower), Unit 1703, Dubai (DIFC), United Arab Emirates**

(Address of principal executive offices)

    

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ⌧ 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 August 7, 2025, 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>**

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description of Exhibit</u> |
| <u>[99.1](a2q25earningsrelease.htm)</u> | <u>[Press Release, dated August 7, 2025](a2q25earningsrelease.htm)</u> |
| <u>[99.2](a2q25resultspresentation.htm)</u> | <u>[Presentation Materials, dated August 7, 2025](a2q25resultspresentation.htm)</u> |
| <u>[99.3](a2q25factbook.htm)</u> | <u>[Supplemental Factbook, dated August 7, 2025](a2q25factbook.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: August 7, 2025 |  |  |
|  | By: | /s/ Vitaly Shmakov |
|  | Name: | Vitaly Shmakov |
|  | Title: | Acting Group General Counsel |

---

## Exhibit 99.1

![](a2q25earningsrelease001.jpg)

Earnings Release 2Q25 1 I DIRECT DIGITAL REVENUES UP 57% YOY. SOLID EXECUTION, STRONG RESULTS SECOND QUARTER 2025 EARNINGS RELEASE

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![](a2q25earningsrelease002.jpg)

Earnings Release 2Q25 2 1.32x NET DEBT EXCLUDING LEASES USD 1,962 million NET DEBT EXCL. LEASES / LTM EBITDA Note: 1. Last twelve months (LTM) Equity FCF is calculated before accounting for lease and license payments and excluding Pakistan banking cash flows; Equity FCF adjusted to include proceeds from sales of business 2Q25 onwards, all historical numbers have been restated to reflect this as well. 2. Cash and cash equivalents and deposits include USD 326 million relating to banking operations in Pakistan. This amount is, however, excluded for calculation of net debt. 103.1 million USD 611 million USD 231 million CAPEX +27.5% YoY LTM Capex intensity 21.4% (18.3% ex Ukraine) LTM EQUITY FREE CASHFLOW1 +33.7% YoY USD 1,087 million TOTAL REVENUE +5.9% YoY +11.2% YoY in local currency USD 1,283 million 4G USERS +3.9% YoY 67.7% penetration GROSS DEBT USD 666 million higher YoY USD 4,627 million DIRECT DIGITAL REVENUE +56.6% YoY +62.4% YoY in local currency USD 180 million 119.7 million USD 907 million USD 520 million TELECOM AND INFRA REVENUE -0.5% YoY +4.8% YoY in local currency EBITDA +13.2% YoY +19.6% YoY in local currency TOTAL CASH, CASH EQUIVALENTS AND DEPOSITS2 USD 206 million at HQ 2Q25 HIGHLIGHTS TOTAL DIGITAL MONTHLY ACTIVE USERS +7.1% YoY Across all VEON digital services and platforms

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![](a2q25earningsrelease003.jpg)

Earnings Release 2Q25 3 Solid Execution, Strong Results Dubai, August 7, 2025 – VEON Ltd. (Nasdaq: VEON, the Company), a global digital operator that provides converged connectivity and online services, announces selected unaudited financial and operating results for the second quarter ended June 30, 2025. In 2Q25, VEON delivered 5.9% year-on-year growth in USD revenues and a 13.2% increase in USD EBITDA. Despite a continued decline in blended weighted average inflation across our markets (from 9.3% in 2Q24 to 8.7% in 2Q25), VEON maintained strong top-line momentum, delivering 11.2% YoY revenue growth in local currency terms. Total revenues for the quarter reached USD 1,087 million. This performance was fueled by strong gains in direct digital revenues, which increased 56.6% YoY in USD terms and 62.4% YoY in local currency, accounting for 16.5% of total revenues in 2Q25. EBITDA for the quarter was USD 520 million, representing a 13.2% YoY increase in reported currency and a 19.6% YoY increase in local currency terms. Group Capex was USD 231 million in 2Q25, implying LTM capex intensity of 21.4% (18.3% excluding Ukraine), and reflects our focused network and infrastructure investments to deliver superior and differentiated services to our customers. As of June 30, 2025, total cash, cash equivalents, and deposits stood at USD 1,283 million (including USD 326 million in customer deposits from our banking operations in Pakistan), with USD 206 million held at HQ. Net debt to LTM EBITDA, excluding lease liabilities, stood at 1.32x—up from 1.23x as of March 31, 2025—primarily reflecting the repayment of April 2025 VEON Holdings notes (USD 472 million) and June 2025 notes (USD 100 million) at maturity and the completion of the Uklon acquisition VEON is revising its 2025 outlook and now expects local currency revenue growth of 13% to 15% year-on-year, and local currency EBITDA growth of 14% to 16% year-on-year. The Group's capex intensity for 2025 is expected to remain within the 17% to 19% range. VEON's third and final phase of its previously announced share buyback program, which commenced on June 17, 2025, was completed on August 1, 2025. VEON acquired 722,588 ADSs for a total consideration of US$35 million as part of this third phase of buyback. With this, VEON has completed its USD100 million share buyback program which was previously announced on August 1, 2025. Under the program, VEON repurchased 2.14 million ADSs at an average repurchase price of US$46.55 per ADS. EXECUTIVE SUMMARY " " "VEON has continued its strong momentum into the second quarter of 2025, delivering solid results that reflect both disciplined execution and strategic clarity. For 2Q25, we achieved 5.9% year-on-year revenue growth in reported currency, 11.2% in local currency terms. Our local currency revenue growth continues to outpace inflation and nominal GDP and highlights our growing share of consumer wallets. EBITDA increased 13.2% in reported currency and 19.6% in local currency terms. Our strong EBITDA growth in this quarter reflects the strength of our operating models, and our focus on profitable growth. We are making rapid progress in our digital operator strategy. Direct digital revenues rose by 56.6%, reaching USD 180 million and now account for 16.5% of Group revenues, up from 11.2% a year ago. We welcomed Uklon to the VEON family in April - this marks a strategic milestone, reflecting our commitment to expanding our digital services footprint and unlocking new growth opportunities. We are delivering innovative and locally relevant digital services that enhance our customers' lives every minute of the day. Together, these strategies position VEON as a frontrunner in digital transformation across frontier markets. Looking ahead, our teams continue to execute with discipline, and the underlying demand across our markets remains robust. Consequently, we are revising our outlook for 2025 and now expect local currency revenue growth of between 13% to 15% year-on- year and local currency EBITDA growth of between 14% to 16% year-on-year. Capex intensity for 2025 is expected to remain within the range of 17% to 19%. We continue to focus on disciplined execution and innovation to deepen customer impact and enhance long- term shareholder value creation." Kaan Terzioğlu commented on the results:

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![](a2q25earningsrelease004.jpg)

Earnings Release 2Q25 4 VEON GROUP: 2025 KEY HIGHLIGHTS VEON Group USD million except per ADS data 2Q25 2Q24 YoY reported YoY local currency 1H25 1H24 YoY reported YoY local currency Total revenue, of which: 1,087 1 ,027 5.9% 11.2% 2,113 1 ,969 7.3% 13.4% Telecom and infrastructure revenue 907 912 (0.5%) 4.8% 1,786 1,756 1.7% 7.9% Direct digital revenue 180 115 56.6% 62.4% 326 212 53.6% 58.7% Digital Revenue as % of Total Revenue 16.5% 11.2% 5.4p.p. 15.5% 10.8% 4.7p.p. EBITDA 520 460 13.2% 19.6% 959 845 13.4% 20.8% EBIT 820 278 >100% >100% 1,059 479 >100% >100% Net profit for the period 608 89 >100% >100% 726 167 >100% >100% Net profit attributable to VEON shareholders 596 68 >100% >100% 695 125 >100% >100% Earnings per ADS (USD)1 Basic 8.56 0.97 >100% 9.86 1.78 >100% Diluted 8.30 0.94 >100% 9.59 1.73 >100% Capex 231 181 27.5% 34.0% Capex intensity 21.3% 17.7% 3.6p.p. LTM capex intensity2 21.4% 18.0% 3.4p.p. LTM Equity Free Cash Flow (before leases & license) 611 457 33.7% LTM Equity Free Cash Flow (after leases & license) 324 203 59.6% Jun 25 Dec 24 vs. Dec Cash and cash equivalents and deposits3 1,283 1 ,691 (24.1%) Cash and cash equivalents and deposits at HQ level 206 481 (57.2%) Net debt 3,671 2 ,934 25.1% Net debt, excluding leases 1,962 1,901 3.2% Net debt to EBITDA excl. leases 1.32x 1.34x 2Q25 2Q24 YoY reported Telecom Metrics (millions) Mobile customers 152.3 157.4 (3.2%) Broadband customers 1.9 1.8 1.8% 4G users 103.1 99.3 3.9% 4G subscriber base penetration 67.7% 63.1% 4.6p.p. Multiplay customers 43.3 34.9 24.1% ARPU USD Mobile 1.9 1.8 4.9% Multiplay 3.4 3.5 (3.3%) Voice 0.9 0.9 (2.8%) Digital metrics (MAU millions - Jun'25) Digital MAUs 119.7 111.7 7.1% Financial Services MAUs 40.7 31.8 27.9% Entertainment MAUs 39.1 43.2 (9.5%) Super Apps MAUs 44.6 37.8 18.1% Healthcare MAUs 3.7 3.4 9.4% Ride-Hailing MAUs 3.5 - - Note: 1. Weighted average common shares outstanding for basic earnings per share (in millions): 1,761 (2Q24), 1,741 (2Q25) and 1,759 (1H24), 1,761 (1H25) ; Denominator for diluted earnings per share (in millions): 1,810 (2Q24), 1,796 (2Q25) and 1,806 (1H24), 1,811 (1H25). The common share to American Depositary Share (ADS) ratio is 25 shares to 1 ADS. 2. LTM Capex Intensity excluding Ukraine: 18.3% 3. Cash and cash equivalents and deposits include USD 326 million relating to banking operations in Pakistan. This amount is excluded for calculation of net debt.

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![](a2q25earningsrelease005.jpg)

Earnings Release 2Q25 5 2Q25 GROUP PERFORMANCE 6 OUTLOOK FOR 2025 8 PRESENTATION OF FINANCIAL RESULTS 9 COUNTRY OVERVIEW 13 KEY RECENT DEVELOPMENTS 19 ATTACHMENTS 22 DISCLAIMER NOTICE TO READERS 32 CONTENTS

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![](a2q25earningsrelease006.jpg)

Earnings Release 2Q25 6 In the second quarter of 2025, VEON delivered revenue growth of 5.9% year-on-year in reported currency and 11.2% in local currency terms. This performance continues to exceed the average weighted inflation rate of 8.7% in our markets for 2Q25, showcasing our ability to implement fair pricing while capturing higher consumer wallet share. Telecom and infrastructure revenues amounted to USD 907 million in 2Q25. This represents a year-over-year decrease of 0.5% in reported currency, and 4.8% increase in local currency terms. Our network investments, coupled with innovative products and services, continue to drive ARPU and subscriber engagement across our markets. Direct digital revenues reached USD 180 million in the 2Q25, growing by 56.6% year-over-year in reported currency and by 62.4% year-over-year in local currency terms. Effective April 2025, Uklon has been consolidated into our financials, and contributed US$21.7 million to direct digital revenues in 2Q25. USD LCY USD LCY Group 5.9% 11.2% 7.3% 13.4% Pakistan 13.9% 15.3% 17.0% 17.7% Ukraine 20.8% 25.8% 27.9% 36.1% Kazakhstan (10.1%) 3.1% (11.2%) 1.3% Bangladesh (17.0%) (11.4%) (19.0%) (11.9%) Uzbekistan 12.0% 13.6% 10.5% 13.4% 2Q25Total Revenue 1H25 USD LCY USD LCY Group 13.2% 19.6% 13.4% 20.8% Pakistan 4.0% 5.4% 8.4% 9.1% Ukraine 18.6% 23.5% 31.5% 39.5% Kazakhstan (20.1%) (8.3%) (20.0%) (8.6%) Bangladesh 68.1% 79.8% 30.7% 42.0% Uzbekistan 20.4% 22.1% 16.3% 19.3% 2Q25EBITDA 1H25 In 2Q25, Group EBITDA grew by 13.2% in reported currency and 19.6% year-on-year in local currency terms. Our strong EBITDA growth this quarter reflects the disciplined execution of our strategic priorities, continued cost efficiencies, and the resilience of our core operations. The Group reported 152.3 million mobile subscribers (-3.2% YoY) as of June 30, 2025. The Group's 4G user base grew 3.9% year-on-year to 103.1 million, with 3.9 million new 4G users added over the past 12 months. As of 2Q25, 4G users represented 67.7% of the total subscriber base, reflecting a 4.6 percentage point increase from a year earlier. This growth continues to drive the expansion of multiplay users—those engaging with at least one digital platform alongside 4G voice and data. Our multiplay customers increased by 24.1% YoY to 43.3 million as of June 30, 2025 (representing 32.9% of the total user base) and supported 20.3% YoY growth in multiplay revenues for the quarter (+26.8% YoY in local currency terms). Multiplay revenues accounted for 54.4% of VEON's consumer revenues for 2Q25. Multiplay customers deliver 3.7x higher ARPU and exhibit 50% lower churn rates compared to voice-only users. VEON continues to successfully execute its DO1440 Digital Operator strategy, expanding and localizing digital applications and enterprise services to meet the diverse needs of each market. Building on this foundation, we are now accelerating our AI1440 strategy — focused not only on driving efficiency but on augmenting human capabilities through inclusive, intelligent solutions. In 2Q25, we advanced the integration of AI-powered features across our digital platforms by embedding native-language models and tools like AI Tutor within our SuperApps, making AI more OPERATIONAL AND FINANCIAL OVERVIEW 2Q25 GROUP PERFORMANCE

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![](a2q25earningsrelease007.jpg)

Earnings Release 2Q25 7 accessible to everyday users, further strengthening our position as a digital-first, innovation-driven group. VEON remains firmly committed to the combined power of DO1440 and AI1440 — a dual strategy that drives both the expansion of hyper-local digital services and the integration of inclusive, human-centric AI. By delivering intelligent and impactful solutions across financial services, entertainment, healthcare, education, enterprise and ride hailing, we are enriching every minute of our customers' day. Our robust networks provide the foundation for this transformation, while our localized platforms and AI-enabled tools are agentic applications designed to meet the unique aspirations of each community we serve thereby empowering users through meaningful digital experiences that go far beyond connectivity In 2Q25, VEON's digital business delivered strong momentum across key usage, revenue, and engagement metrics. Direct digital revenue grew 56.6% YoY, contributing 16.5% of total Group revenue (+5.4pp YoY). Vertical momentum remained strong across the portfolio. Financial services led with 40.7 million MAUs1 (+27.9% YoY), continuing to anchor monetization and transactional scale. Entertainment maintained broad reach of 39.1 million MAUs, with improved monetization driven by premium content and seasonal demand. The health vertical had 3.7 million MAUs (+9.4% YoY), reflecting the expansion of B2C and bundled insurance services. SuperApps scaled to 44.6 million MAUs (+18.1% YoY), reinforcing their role as primary digital entry points. Ride-hailing, led by Uklon and now active in both Ukraine and Uzbekistan, reached 3.5 million MAUs, underscoring VEON's position in utility-based, high-frequency digital services. Our Premium Digital Brands — spanning lifestyle, digital identity, and productivity tools — saw MAUs scale to 2.3 million, as adoption deepened among digitally native user segments. AI is now a foundational capability layer across VEON's platform stack. In Kazakhstan, VEON introduced AI-powered learning modules built on KazLLM, including an AI Tutor integrated into the Janymda SuperApp. In Ukraine, VEON signed a cooperation memorandum with the Ministry of Digital Transformation to co-develop Ukraine's first Ukrainian- language LLM, enabling public sector use cases across education, healthcare, and citizen services. These initiatives reflect VEON's strategic pivot from AI experimentation to systematic, sovereign AI deployment, with locally trained models embedded natively into product platforms. Together, DO1440 and AI1440 form the backbone of VEON's verticalized, delayered platform model — localizing growth, embedding intelligence, and aligning with national digital priorities. This twin strategy is core to the Group's triple-double execution plan, positioning VEON as a scaled, resilient, and impact-driven digital operator. On June 3, 2025, VEON announced that it has successfully closed the partnership for the pooling and management of telecommunications infrastructure assets in Pakistan with Engro Corporation Limited. USD 188 million of the tower transaction proceeds have been received by Jazz in Pakistan, the remaining balance of USD 375 million is scheduled to be received in equal installments over a period of 18 months. The transaction resulted in a one-time gain of US$489 million at Group Level, net of tax, which is reflected in our 2Q25 results. VEON is making steady progress on Kyivstar's proposed Nasdaq listing via its business combination with Cohen Circle Acquisition Corp I ("Cohen Circle"). The two parties have secured investor commitments through non-redemption agreements ("NRAs"), ensuring the minimum cash condition of USD 50 million is met. An extraordinary general meeting of Cohen Circle shareholders is scheduled for August 12 2025, to seek necessary approvals for the transaction. Subject to Cohen Circle shareholder approval, VEON anticipates closing the transaction shortly thereafter. The proposed Kyivstar listing and the sale of our Kyrgyzstan business are expected to result in a non-cash charge in the range of US$150 to 200 million, likely to be recognized in the third quarter of 2025. VEON's third and final phase of its previously announced share buyback program commenced on June 17, 2025 and was completed on August 1, 2025. VEON acquired 722,588 ADSs for a total consideration of US$35 million as part of this third phase of buyback. With this, VEON has completed its previously announced (01 August 2024) US$100 million share buyback program. Under the program, VEON repurchased 2.14 million ADSs at an average repurchase price of US46.55 per ADS. Reflecting continued operational momentum and strong performance across key markets, VEON is revising its 2025 outlook. VEON now expects local currency revenue growth of between 13% to 15% year-on-year and local currency EBITDA growth of between 14% to 16% year-on- year. Capex intensity for 2025 is expected to remain within the range of 17% to 19%. Note: 1. All MAUs refer to users active during June 2025

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![](a2q25earningsrelease008.jpg)

Earnings Release 2Q25 8 VEON expects local currency growth for total revenue of between 13% and 15% year-on-year and local currency EBITDA growth of between 14-16% year-on-year. VEON expects the Group's capex intensity for 2025 to be in the range of 17%-19%. Total Revenue, YoY (LCY) EBITDA, YoY (LCY) LTM Capex Intensity4 21.4% 13 -15% growth 2 ,3 14 - 16% growth 2 ,3 17-19% 1H25 FY25 Outlook1 13.4% 2 20.8% 2 Note: 1. Based on blended weighted average inflation of 8.2% as of 4Q24. The weighted average inflation rate is 8.7% in 2Q25. 2. Local currency terms. 3. Versus underlying LCY Total revenue growth of 12%-14% and EBITDA growth of 13%-15% earlier. 4. LTM Capex Intensity excluding Ukraine of 18.3%. OUTLOOK FOR 2025

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![](a2q25earningsrelease009.jpg)

Earnings Release 2Q25 9 VEON's results presented in this document are, unless otherwise stated, based on International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and have not been externally audited or reviewed. Certain amounts and percentages that appear in this document have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, including those in the tables, may not be an exact arithmetic aggregation of the figures that precede or follow them. The non-IFRS information disclosed in the document, including, among other things, EBITDA, EBITDA margin, net debt, capex, capex intensity and local currency ("LCY") trends, is defined in Attachment E and reconciled to the comparable IFRS information in Attachment B. PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT (In mill ions of U.S. dollars except per ADS information) Q2'25 Q2'24 YoY reported 1H'25 1H'24 YoY reported Total operating revenues 1,087 1,027 5.9% 2,113 1,969 7.3% Other operating income 0 0 76.8% 1 0 33.5% Service costs (94) (115) -17.8% (216) (228) -5.0% Cost of equipment and accessories (11) (6) 77.2% (17) (12) 44.9% Selling, general and administrative expenses (462) (446) 3.5% (921) (883) 4.2% Depreciation (142) (130) 8.9% (280) (264) 6.0% Amortization (54) (50) 9.6% (114) (100) 14.7% Impairment loss (1) (1) 82.4% (3) (2) <100% Gain / (Loss) on disposal of non-current assets (1) (1) -32.8% (0) (1) -90.3% Gain on disposal of subsidiaries 498 - - 498 - - Operating profit 820 278 >100% 1,059 479 >100% Net finance costs (118) (106) 10.3% (227) (227) -0.4% Other non-operating gain net 1 6 -77.2% 31 21 52.7% Net foreign exchange gain / (loss) (21) (36) -40.4% (51) (12) <100% Profit before tax from continuing operations 682 142 >100% 812 261 >100% Income taxes (74) (53) 42.0% (86) (94) -7.5% Profit for the period 608 89 >100% 726 167 >100% Net Profit attributable to : The owners of the parent 596 68 >100% 695 125 >100% Earnings per ADS (USD)1 Basic 8.56 0.97 >100% 9.86 1.78 >100% Diluted 8.30 0.94 >100% 9.59 1.73 >100% 1. Weighted average common shares outstanding for basic earnings per share (in millions): 1,761 (2Q24), 1,741 (2Q25) and 1,759 (1H24), 1,761 (1H25) ; Denominator for diluted earnings per share (in millions): 1,810 (2Q24), 1,796 (2Q25) and 1,806 (1H24), 1,811 (1H25). The common share to American Depositary Share (ADS) ratio is 25 shares to 1 ADS. Note: please refer to attachment B for details on EBITDA reconciliation Operating profit increased to USD 820 million from USD 278 million, primarily as a result of the USD 498 million gain on subsidiary disposals related to the Deodar transaction. Net finance costs in 2Q25 increased by 10.3% YoY, primarily due to higher average gross debt levels, including an increase in lease liabilities, as well as lower interest income driven by reduced cash balances. Income tax expense increased by 42.0% YoY to USD 74 million in 2Q25, primarily reflecting higher taxable profits in the period, which was driven by an increase in operating profit. The Group recorded in the second quarter 2025 net profit of USD 608 million. PRESENTATION OF FINANCIAL RESULTS

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![](a2q25earningsrelease010.jpg)

Earnings Release 2Q25 10 PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENT (In mill ions of U.S. dollars) Q2'25 Q2'24 YoY reported % Operating activities Net cash flows from operating activities 137 205 -33.2% Investing activities Net cash flows used in investing activities (110) (343) 67.8% Financing activities Net cash flows used in financing activities (515) 198 <100% Net increase / (decrease) in cash and cash equivalents (488) 60 <100% Net foreign exchange difference (3) (15) 81.8% Cash and cash equivalents classified as held for sale at the beginning of the period - - - Cash and cash equivalents classified as held for sale at the end of the period - (15) >100% Cash and cash equivalents at beginning of period 1,773 832 >100% Cash and cash equivalents at end of period1 1,282 862 48.8% 1. Cash and cash equivalents at the end of the period for 2Q'25 and 2Q'24 do not include USD 1m (2Q'25) and USD 2m (2Q'24) as deposits.

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![](a2q25earningsrelease011.jpg)

Earnings Release 2Q25 11 PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (In mill ions of U.S. dollars) 30 Jun 2025 31 Dec 2024 vs. Dec Assets Non-current assets Property and equipment 3,446 3,016 14.3% Intangible assets 1,553 1,510 2.9% Other non-current assets 819 610 34.2% Total non-current assets 5,818 5,136 13.3% Current assets Cash and cash equivalents 1,282 1,689 -24.1% Trade and other receivables 516 463 11.4% Other current assets 773 676 14.4% Total current assets 2,571 2,828 -9.1% Assets classified as held for sale 74 72 2% Total assets 8,463 8,036 5.3% Equity and l iabil ities Total equity 1,496 1,257 19.1% Non-current l iabil ities Debt and derivatives 3,852 3,028 27.2% Other non-current liabilities 87 97 -10.6% Total non-current l iabil ities 3,939 3,125 26.1% Current l iabil ities Trade and other payables 1,334 1,276 4.6% Debt and derivatives 1,061 1,666 -36.3% Other current liabilities 597 685 -13.0% Total current l iabil ities 2,992 3,626 -17.5% Liabilities associated with assets held for sale 36 28 29.7% Total equity and l iabil ities 8,463 8,036 5.3%

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Earnings Release 2Q25 12 LIQUIDITY AND CAPITAL STRUCTURE USD million 30 Jun 2025 31 Mar 2025 QoQ 30 Jun 2024 YoY Cash and cash equivalents and deposits 1,283 1,775 (27.7%) 864 48.5% Marketable securities 0 30 (100.0%) 258 (100.0%) Gross debt, of which 4,627 4,377 5.7% 3,961 16.8% Bonds and loans - principal 2,849 3,212 (11.3%) 2,774 2.7% Lease liabilities - principal 1,708 1,095 56.0% 1,011 69.1% Long-term accounts payable and other 70 70 0.6% 176 (60.2%) Net debt 3,671 2,905 26.4% 3,237 13.4% Net debt / LTM EBITDA 2.03x 1.67x 1.95x Net debt excluding leases 1,962 1,810 8.4% 2,226 (11.9%) Net debt excluding leases / LTM EBITDA 1.32x 1.23x 1.59x Note: Cash and cash equivalents and deposits includes amounts relating to banking operations in Pakistan: USD 326 million in 2Q25, USD 303 million in 1Q25, USD 140 million in 2Q24. .Cash and cash equivalents at the end of the period for 2Q'25, 1Q25 and 2Q'24 do not include USD 1m (2Q'25), USD 2m (1Q25) and USD 2m (2Q'24) as deposits Long-term accounts payable relate to arrangements with vendors for financing network equipment. Total cash and cash equivalents and deposits decreased in 2Q25 to approximately USD 1,283 million (of which USD 206 million is at HQ) compared to USD 1,775 million in 1Q25. The decrease in cash was primarily driven by net repayments of debt at HQ and the acquisition of Uklon Group by our operating company in Ukraine. Gross debt increased to USD 4,627 million at the end of 2Q25, compared to USD 4,377 million in 1Q25 which was primarily driven by an increase in lease liabilities, partially offset by the net repayment of debt at HQ and our operating companies. Lease liabilities increased to USD 1,708 million at the end of 2Q25 compared to USD 1,095 million in 1Q25. Net debt increased to USD 3,671 million at the end of 2Q25 (USD 2,905 million at the end of 1Q25) due to an increase in lease liabilities. Net debt excluding leases increased to USD 1,962 million (USD 1,810 million at the end of 1Q25) due to the decrease in cash. This resulted in higher net debt/EBITDA of 2.03x and 1.32x, if leases were to be excluded. Our leverage calculations and ratios do not take into account USD 326 million relating to banking operations in Pakistan. On July 2, 2025, VEON announced the successful completion of a USD 200 million bond issuance of senior unsecured notes due in 2029, priced at par with a 9.0% annual interest rate. The notes will rank equally in right of payment with VEON HQ's existing senior unsecured obligations. The bond issuance was settled on July 15, 2025. Furthermore, the Company has fully repaid the VEON Holdings notes maturing in April and June 2025 for an amount of USD 472m and USD 100m respectively.

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Earnings Release 2Q25 13 KEY FIGURES BY COUNTRIES USD million 2Q25 2Q24 YoY reported YoY local currency Total revenue 1,087 1 ,026 5.9% 11.2% Pakistan 395 347 13.9% 15.3% Ukraine 286 236 20.8% 25.8% Kazakhstan 201 224 -10.1% 3.1% Bangladesh 117 141 -17.0% -11.4% Uzbekistan 75 67 12.0% 13.6% HQ and eliminations1 13 11 8.6% 7.2% EBITDA 520 459 13.2% 19.6% Pakistan 164 158 4.0% 5.4% Ukraine 166 140 18.6% 23.5% Kazakhstan 100 125 -20.1% -8.3% Bangladesh 88 52 68.1% 79.8% Uzbekistan 28 24 20.4% 22.1% HQ and eliminations1 (27) (40) -31.8% -32.4% EBIT 820 278 >100% >100% Pakistan 630 103 >100% >100% Ukraine 119 104 13.6% 18.4% Kazakhstan 70 97 -27.7% -17.0% Bangladesh 41 3 >100% >100% Uzbekistan 14 10 37.4% 39.4% HQ and eliminations1 (54) (40) -34.9% -35.7% 1. HQ, Others and eliminations include Kyrgyzstan which is classified as held for sale COUNTRY OVERVIEW

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Earnings Release 2Q25 14 Sustained All-Round Growth Total revenue, of which: 111 219 96 450 15,3% 219 123 186 120 17,7% Telecom and infrastructure 79 998 73 436 8,9% 158 052 143 138 10,4% Direct digital revenue 31 221 23 014 35,7% 61 071 42 982 42,1% EBITDA 46 224 43 873 5,4% 91 512 83 894 9 ,1% EBITDA margin (%) 41,6% 45,5% -3,9 pp 41,8% 45,1% -3,3 pp EBIT 49 512 28 699 72,5% 78 503 53 715 46,1% EBIT margin (%) 44,5% 29,8% 14,8 pp 35,8% 28,9% 7,0 pp Capex 16 033 14 483 10,7% 25 520 19 800 28,9% Capex Intensity 14,4% 15,0% 11,6% 10,6% Telecom Metrics Mobile customers (mln) 73,9 71,4 3,5% 4G customers (mln) 54,6 47,3 15,3% Multiplay customers (mln) 22,3 17,3 29,2% Mobile ARPU (LCY) 332 305 8,9% Data usage (GB/user) 7,2 7,4 -2,4% Digital MAUs (Jun-25) Digital customers (mln) 72,1 63,3 13,9% Jazz Cash MAUs (mln) 21,1 17,7 19,4% SIMOSA MAUs (mln) 21,2 15,2 39,6% Tamasha MAUs (mln) 12,1 18,0 -32,8% FirFree MAUs (mln) 9,8 5,7 70,6% ROX MAUs (mln) 0,8 0,4 71,8% 6M24 YoYPKR million 2Q25 2Q24 YoY 6M25 Total revenue in 2Q25 grew 15.3% YoY in local currency, reflecting a resilient telecom performance and strong growth across digital segments. Telecom and infrastructure revenue rose 8.9% YoY, supported by a 3.5% increase in total mobile customers and an 8.9% uplift in ARPU, driven by effective repricing, improved prepaid monetization, and the continued differentiation with Jazz's network quality and digital products. Direct digital revenue grew 35.7% YoY, contributing to 28.1% of total revenue, up from 23.9% in 2Q24. This was led by JazzCash, which delivered 47.1% YoY growth, and supported by strong momentum at MMBL (YoY growth of 36.2%), underpinned by rising digital engagement and higher loan disbursement volumes. The results reflect the success of Jazz's growth strategy, steadily expanding its traditional telecom base while rapidly scaling its digital financial and platform services. Jazz's EBITDA grew 5.4% YoY in 2Q25, while EBITDA margin moderated to 41.6%. This performance reflects Jazz's shifting revenue mix, as high-margin telecom services are increasingly complemented by rapidly growing, yet structurally lower- margin, digital services. The second quarter also saw elevated marketing, consultancy, and technical support costs linked to digital platform growth investment. These trends highlight Jazz's continued commitment to building a scalable and sustainable digital platform. Jazz continues to advance its DO1440 strategy. The 4G user base grew to 54.6 million (+15.3% YoY), with 4G penetration rising to 73.9% (+7.6 p.p). Multiplay customers rose 29.2% YoY and now represent 36.4% of total users. These customers generate 3.2x the ARPU of voice-only users and remain a key revenue lever, supported by growing bundling across voice, data, and digital services. JazzCash monthly active users reached approximately 21.1 million. Strong growth in transaction volumes (+37.3% YoY) and transactions per user (+15.0% YoY) supported Gross Transaction Value to grow by 42.5% YoY to PKR 3.2 trillion. JazzCash's expanding footprint now includes 367,000 active merchants (+37.5% YoY) and nearly 107,000 agents. JazzCash is now enabling the issuance of more than 140k nano-loans per day. Tamasha recorded 17.0 million MAUs for April 2025 on the back of marquee cricket tournaments, with the June 2025 MAUs reflecting typical seasonality in-between tournament schedules. The late-June launch of new content, including a major TV network and the platform's first AI-powered news channel — already the third most-watched feature — is gaining strong early traction and is expected to drive further engagement in the coming quarters. The platform continues to benefit from exclusive rights to marquee cricket events such as the ICC World Cup and Pakistan Super League. with new additions like the Premier League further strengthening its content offering. SIMOSA, Jazz's Sim-Care and lifestyle app, reported 21.2 million MAUs (+39.6% YoY). Simosa continues to benefit users through convenient SIM onboarding, easy account and payment management, and access to entertainment and daily services — all in one app. FikrFree, reached 9.8 million MAUs, reinforcing the app's early traction which includes policies sold via apps and other platforms. ROX, Jazz's premium digital brand, reached 800K subscribers in 2Q25. Capex stood at PKR 16.0 billion in 2Q25, with capex intensity at 14.4% for 2Q25 and 11.6% for 1H 2025. The spending reflects ongoing infrastructure expansion. VEON has successfully completed its infrastructure partnership in Pakistan with Engro Corporation, transferring tower assets (via Deodar) into Engro Connect at an enterprise value of USD 562.7 million. Jazz will continue to lease this infrastructure under a long-term partnership agreement, supporting its transition to a digital services-led model. USD 187.5 million of the tower transaction proceeds have been received, the remaining balance of USD 374.7 million is scheduled to be received in equal installments over the period of 18 months. On June 27, 2025, Jazz through the Alternate Dispute Resolution Committee ("ADRC") settled the outstanding tax disputes with the federal tax authorities in Pakistan for a total amount of US$158 million. PAKISTAN

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Earnings Release 2Q25 15 Building Further on Strong Growth with Uklon Total revenue, of which: 11 857 9 425 25,8% 22 577 16 594 36,1% Telecom and infrastructure 10 594 9 200 15,2% 20 984 16 232 29,3% Direct digital revenue 1 263 225 460,3% 1 592 362 339,6% EBITDA 6 898 5 585 23,5% 12 853 9 212 39,5% EBITDA margin (%) 58,2% 59,3% -1,1 pp 56,9% 55,5% 1,4 pp EBIT 4 925 4 162 18,3% 9 112 6 260 45,6% EBIT margin (%) 41,5% 44,2% -2.6 pp 40,4% 37,7% 2.6 pp Capex 3 932 2 276 72,8% 6 354 3 348 89,8% Capex Intensity 33,2% 24,1% 28,2% 20,2% Telecom Metrics Mobile customers (mln) 22,4 23,4 -4,5% 4G customers (mln) 14,4 14,6 -1,2% Multiplay customers (mln) 6,5 5,3 23,7% Mobile ARPU (LCY) 146 121 20,6% Data usage (GB/user) 12,6 10,4 20,3% Broadband customers (mln) 1,1 1,1 0,0% Digital MAUs (Jun-25) Digital customers (mln) 13,4 8,8 51,2% My Kyivstar MAUs (mln) 5,4 5,1 6,3% Helsi MAUs (mln) 2,5 2,2 15,8% Kyivstar TV MAUs (mln) 2,0 1,6 21,7% Uklon MAUs (mln) 3,5 - - Number of rides (mln) 41,2 - - Number of deliveries (mln) 1,1 - - 6M24 YoYUAH million 2Q25 2Q24 YoY 6M25 Total revenues increased 25.8% YoY to UAH 11.9 billion, driven by strong growth across both telecom and digital segments. Telecom and infrastructure revenues rose 15.2% YoY to UAH 10.6 billion, supported by a 20.6% YoY increase in ARPU, which reflects the successful implementation of repricing measures and continued growth in mobile data usage. Direct digital revenues surged 460.3% YoY to UAH 1.3 billion, driven by the first-time consolidation of Uklon and strong momentum across Kyivstar's other digital platforms, specifically Helsi and Kyivstar TV. EBITDA grew 23.5% YoY in 2Q25, with the EBITDA margin at 58.2% (-1.1 p.p. YoY), reflecting a higher share of direct digital revenue following the Uklon consolidation. The second quarter experienced cost pressures including increases in utilities, consulting, and IT support expenses. Despite inflationary challenges, Kyivstar's focused execution continues to underpin margin resilience. Kyivstar continues to demonstrate strong growth as it effectively executes its DO1440 strategy, driving deeper digital engagement and expanding its customer base. In 2Q25, Kyivstar's 4G user base was 14.4 million, down 1.2% YoY, representing 64.5% of total mobile customers (+2.1 p.p. YoY). The total mobile subscriber base declined 4.5% YoY to 22.4 million, reflecting continued customer migration amidst the conflict. Multiplay customers grew 23.7% YoY, and now comprise 31.7% of the total base, as bundled service demand remains high. Kyivstar continues to expand its everyday digital services, with Uklon's ride hailing services added to digital suite effective April 2025. Uklon continues to see healthy growth in operating metrics and contributed US$21.7 million in revenues and US$9.3 million in EBITDA for the quarter. This strategic acquisition broadens Kyivstar's footprint in everyday digital services and solidifies its position as a leading digital operator in Ukraine. Helsi, Ukraine's leading digital health platform, sustained strong momentum in 2Q25, recorded 2.5 million MAUs in June 2025, a 15.8% YoY increase. Expansion was further supported by new subscription products and growth in B2B services. Kyivstar TV demonstrated solid performance in 2Q25, with June 2025 MAUs rising 21.7% YoY to 2.0 million, driven by exclusive sports content and a broader range of Ukrainian- language programming. The launch of the Xbox app and strategic content partnerships contributed to attracting new users and deepening engagement. Kyivstar and Ukraine's Ministry of Digital Transformation signed a memorandum to develop the country's first Ukrainian-language large language model. The project is set for release by December 2025 and will support secure, AI- powered services across key sectors using locally sourced data. Capex in 2Q25 at US$94.7 million represents capex intensity of 33.2% in 2Q25 and 28.2% in 1H25, underscoring Kyivstar's accelerated reinvestment in existing business to maintain technological leadership amid the ongoing war. Kyivstar has also received regulatory approval to begin field testing Starlink's Direct-to-Cell services in Ukraine, following successful SIM integration tests in the U.S. The service is aimed at enhancing rural and emergency connectivity and is planned to launch in 4Q25 with initial support for SMS and OTT messaging. VEON is making steady progress on Kyivstar's proposed Nasdaq listing via its business combination with Cohen Circle. The two parties have secured investor commitments through NRAs, ensuring the minimum cash condition of USD 50 million is met. An extraordinary general meeting of Cohen Circle shareholders is scheduled for 12 August 2025, to seek necessary approvals for the transaction. Subject to Cohen Circle shareholder approval, VEON anticipates closing the transaction shortly thereafter. If completed, the transaction will position Kyivstar as the first pure-play Ukrainian investment opportunity to be publicly listed in the U.S., marking a significant milestone for the company. UKRAINE

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Earnings Release 2Q25 16 Growth driven by network investments and digital expansion Total revenue, of which: 103 466 100 315 3,1% 199 192 196 712 1,3% Telecom and infrastructure 90 209 90 673 -0,5% 174 307 178 084 -2,1% Direct digital revenue 13 256 9 642 37,5% 24 886 18 628 33,6% EBITDA 51 326 55 956 -8,3% 99 908 109 250 -8,6% EBITDA margin (%) 49,6% 55,8% -6,2 pp 50,2% 55,5% -5,4 pp EBIT 36 089 43 467 -17,0% 65 255 84 717 -23,0% EBIT margin (%) 34,9% 43,3% -8,4 pp 32,8% 43,1% -10,3 pp Capex 22 518 13 822 62,9% 34 718 22 168 56,6% Capex Intensity 21,8% 13,8% 17,4% 11,3% Telecom Metrics Mobile customers (mln) 11,7 11,4 2,9% 4G customers (mln) 8,8 8,7 2,0% Multiplay customers (mln) 4,3 3,9 11,1% Mobile ARPU (LCY) 2 281 2 236 2,0% Data usage (GB/user) 20,2 18,1 11,7% Broadband customers (mln) 0,7 0,7 4,8% Digital MAUs (Jun-25) Digital customers (mln) 12,8 11,4 12,7% Janymda MAUs (mln) 4,7 4,6 2,5% Simply MAUs (mln) 3,2 1,7 94,7% BeeTV MAUs (mln) 0,9 0,9 -3,2% IZI MAUs (mln) 0,7 0,6 20,6% 6M24 YoYKZT million 2Q25 2Q24 YoY 6M25 Total revenues increased 3.1% YoY to KZT 103.5 billion, driven by ARPU expansion, handset sales and solid direct digital revenue growth. Adjusting for the TNS+ deconsolidation (effective 4Q24 following the sale of the asset), total revenue growth would have been 14.5% YoY. Headline Telecom and infrastructure revenues declined -0.5% YoY to KZT 90.2 billion. Adjusting for the TNS+ deconsolidation (effective 4Q24), telecom and infrastructure revenue growth was 11.8% YoY, improving from the 9.4% YoY growth rate achieved in 1Q25. The repricing of legacy plans partly contributed to higher growth. Separately, Beeline Kazakhstan's longer term bundled contracts with mobile devices are also experiencing very good traction in the market. Not only do these offers contribute to the migration of prepaid customers to longer-term contracts, they also drive ARPU and higher customer lifetime value. Direct digital revenues grew 37.5% YoY to KZT 13.2 billion, representing 12.8% of total revenues. This growth was supported by strong demand across Beeline's digital platforms including BeeTV, Simply, IZI and Janymda. Beeline Kazakhstan's EBITDA declined 8.3% YoY in 2Q25. Adjusted for the TNS+ deconsolidation, 2Q EBITDA declined 4.3% YoY with EBITDA margin declining 6.2 percentage points to 49.6%. The margin decline is influenced by (i) the absence of regulatory tax benefits for the year to date; (ii) lower margins from device sales as part of the longer term bundled contracts; and (iii) a changing revenue mix resulting from the blend of high telecom margins with strong (but comparatively lower) digital margins as Beeline Kazakhstan's digital business continues to expand through ongoing investments in developing a diverse range of new digital offerings. Beeline Kazakhstan's digital ecosystem continues to scale rapidly in line with the DO1440 strategy. The mobile subscriber base remained broadly stable at 11.7 million in 2Q25, whilst 4G users increased 2.0% YoY to 8.8 million, now representing 75.3% of the total customer base. Multiplay customers grew 11.1% YoY to 4.3 million, contributing approximately 69.4% of total consumer revenues. The Janymda SuperApp continues to see increasing customer engagement with MAUs reaching 4.7 million as of June 30, 2025, up 2.5% YoY; we are also seeing an increase in time spent on the app particularly due to gaming and lifestyle content. The Simply platform continues to scale its role as the financial layer of our digital ecosystem with Insurance product sales going live in-app in 2Q25 and Simply card onboarding via Janymda now active, improving convergence. The multiplatform entertainment service BeeTV reached approximately 890k MAUs, with 63% of activity occurring through the BeeTV mobile app - highlighting strong mobile-led content consumption and user interaction. Our premium digital brand IZI also recorded strong traction, with June 2025 MAUs rising 20.6% YoY to nearly 700k driven by competitive mobile offer on top of expanding of localized in-App content. Meanwhile, QazCode leads the way in AI-powered customer experience transformation. Building on the December 2024 launch of Kaz-LLM, the platform integrates state-of-the-art AI technologies including the Kaz-RoBERTA conversational model, developed in partnership with leading Kazakh research institutions. Furthermore, Beeline Kazakhstan launched "AI Tutor", an AI-powered Kazakh language learning tool integrated into its Janymda super-app. The product is based on the locally developed KazLLM and offers gamified learning modules aimed at enhancing digital education access. Capex was at KZT 22.5billion, with capex intensity at 21.8%, underlining Beeline Kazakhstan's network expansion and modernization. Beeline's 4.9G rollout and performance continues to resonate well with consumers versus its 5G competitors in the market. KAZAKHSTAN

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Earnings Release 2Q25 17 Growth challenges, margins and cost control hold firm Total revenue, of which: 14,203 16,031 -11.4% 27,721 31,468 -11.9% Telecom and infrastructure 13,744 15,776 -12.9% 27,182 31,193 -12.9% Direct digital revenue 459 254 80.4% 539 276 95.6% EBITDA 10,739 5 ,974 79.8% 15,317 10,783 42.0% EBITDA margin (%) 75.6% 37.3% 38.3 pp 55.3% 34.3% 21.0 pp EBIT 5,001 372 >100% 4,022 417- >100% EBIT margin (%) 35.2% 2.3% 32.9 pp 14.5% -1.3% 15.8 pp Capex 705 2 ,356 -70.1% 1,520 3 ,911 -61.1% Capex Intensity 5.0% 14.7% 5.5% 12.4% Telecom Metrics Mobile customers (mln) 34.8 41.3 -15.7% 4G customers (mln) 18.2 21.3 -14.5% Multiplay customers (mln) 6.3 4.8 32.4% Mobile ARPU (LCY) 134 128 4.1% Data usage (GB/user) 7.4 4.3 71.5% Digital MAUs (Jun-25) Digital MAUs (mln) 12.9 20.8 -37.9% MyBL MAUs (mln) 8.3 8.1 3.0% Toffee MAUs (mln) 4.4 12.3 -64.6% Ryze MAUs (mln) 0.2 - - 6M24 YoYBDT million 2Q25 2Q24 YoY 6M25 Total revenues in 2Q25 grew 5.1% QoQ signaling a gradual recovery in consumer mobile spending. However, on a year- on-year basis, revenues declined 11.4% in local currency, reflecting the lower business momentum due to political unrest and macroeconomic headwinds last year. Telecom and infrastructure revenues increased 2.3% QoQ, driven by stabilizing customer metrics. Meanwhile, mobile ARPU increased 6.6% QoQ (and 4.1% YoY), supported by a rise in mobile minutes of use and an increase in data usage. Direct digital revenues rose 80.4% YoY, driven by the wider integration of Toffee's services into consumer bundles. The growth in revenue more than offset a decline in MAUs, which had been elevated in 2Q24 due to the temporary boost in viewership from Toffee's exclusive rights to the ICC World Cup acquired by Banglalink. Banglalink's EBITDA grew by 79.8% to BDT 10.7 billion for 2Q25, reflecting structural cost efficiencies and one-off tax impacts. 2Q25 includes a one-off impact of BDT 5.1 billion related to the BTRC revenue sharing adjustment and the reclassification of minimum tax following the fiscal ordinance issued on June 2, 2025. Margins also improved on an organic basis, supported by savings in customer acquisition, personnel, and technology costs. Banglalink remains firmly committed to its DO1440 strategy. In 2Q25, the 4G user base rose 1.9% QoQ to 18.2 million but declined 14.5% YoY, in line with the overall reduction in Banglalink's mobile subscriber base following the political unrest in 3Q24. The decline also reflects a strategic shift to an optimized distribution and customer acquisition model, which has resulted in a leaner but higher-quality subscriber base — with minimal impact on revenue or market share, in combination with structural cost savings. 4G penetration stood at 52.3%, up 0.7 percentage points YoY. The multiplay customer base increased by 32.4% YoY, with multiplay revenues up by 9.9% YoY, now comprising 40.9% of the consumer revenue base. Banglalink's Toffee remains the leading entertainment application and OTT platform in Bangladesh, offering audio and video streaming services across all mobile operators in the country. Toffee had 4.4 million MAUs as of June 2025 and recorded over 555 million minutes of usage in 2Q25. Toffee has reinstated linear TV channels through partnerships with international broadcasters, making it the largest OTT platform in Bangladesh to offer linear TV content. Ryze continues to leverage its strong post-launch momentum, maintaining positive market reception. The platform recorded 227K MAUs in June 2025, a 173% increase quarter-on-quarter. Additionally, transaction volumes on MyBanglalink (MyBL), the pioneering telecommunications super app, maintained stable MAUs at 8.3 million in June 2025, a 6.8% increase quarter-on-quarter. Capex at BDT 705 million in 2Q25, represents a capex intensity of 5.0% for 2Q25 (and 5.5% in 1H25). This leaner investment stance reflects Banglalink's focus on conserving resources amid economic uncertainty. Nevertheless, Banglalink maintains its nationwide 4G network foundation, positioning itself for future growth as market conditions improve. BANGLADESH

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Earnings Release 2Q25 18 Growth driven by ARPU gains and expanding digital base Total revenue, of which: 958,199 843,257 13.6% 1,896,950 1,672,962 13.4% Telecom and infrastructure 860,854 810,648 6.2% 1,701,501 1,610,124 5.7% Direct digital revenue 97,345 32,609 198.5% 195,448 62,838 211.0% EBITDA 363,486 297,699 22.1% 718,921 602,717 19.3% EBITDA margin (%) 37.9% 35.3% 2.6 pp 37.9% 36.0% 1.9 pp EBIT 181,462 130,245 39.3% 352,107 318,396 10.6% EBIT margin (%) 18.9% 15.4% 3.5 pp 18.6% 19.0% -0.5 pp Capex 366,424 212,362 72.5% 481,294 739,340 -34.9% Capex Intensity 38.2% 25.2% 25.4% 44.2% Telecom Metrics Mobile customers (mln) 7.9 8.1 -2.9% 4G customers (mln) 5.8 6.0 -3.3% Multiplay customers (mln) 3.4 3.4 2.0% Mobile ARPU (LCY) 35,221 32,813 7.3% Data usage (GB/user) 15.5 11.3 37.5% Digital MAUs (Jun-25) Digital MAUs (mln) 8.0 7.0 14.0% Hambi MAU (mln) 4.6 4.5 2.3% Beepul MAU (mln) 1.5 1.3 17.7% Kinom MAU (mln) 1.0 0.8 20.3% 6M24 YoYUZS million 2Q25 2Q24 YoY 6M25 Total revenues in 2Q25 sustained strong momentum, increasing by 13.6% YoY, driven by solid performance across both telecom and rapidly expanding digital operations. This growth reflects Beeline's balanced approach to driving value from traditional services while aggressively scaling its digital ecosystem. Telecom and infrastructure revenues rose 6.2% YoY, supported by effective pricing discipline that boosted ARPU, as well as increased contributions from mobile financial services and guest roaming. These factors collectively helped offset pressures from competitive market dynamics and subscriber churn. Meanwhile, direct digital revenues grew 198.5% YoY, fueled by accelerating user adoption of Beeline's key digital platforms such as Beepul, Hambi, and Kinom. This robust digital growth highlights the central role these platforms play in Beeline's broader growth strategy, enhancing customer engagement and diversifying revenue streams in an increasingly digital marketplace. Beeline Uzbekistan's EBITDA grew 22.1% YoY, driven by the increase in revenues, which offset higher direct and technology costs, utility and wage inflation, and increased commercial investment. The EBITDA margin rose 2.6pp YoY to 37.9% supported by improved operating leverage. Beeline continued advancing its DO1440 strategy in 2Q25. Enhancements across its digital portfolio contributed to a 14.0% YoY increase in Digital MAUs, reaching 8.0 million users in June 2025. Mobile customers declined by 2.9% to 7.9 million as efforts to retain higher-value users continued. The 4G user base reached 5.8 million, down 3.3% YoY, but still accounted for 74.2% of total mobile customers, broadly consistent with last year's share. The multiplay customer base increased 2.0% YoY to 3.4 million, representing 47.1% of the monthly active base during the quarter. Beepul maintained strong momentum in 2Q25, with its MAUs growing 17.7% in June 2025, reaching 1.5 million. The platform, which now processes over $100 million in monthly transactions and ranks among Uzbekistan's top five fintech apps, has signed a strategic partnership and MoU with ANORBANK, one of the country's leading digital banks. The second brand, OQ recorded 644k MAUs in June 2025, a 4.8x YoY increase, and sustained a top ranking in Uzbekistan's "Business" app category on both major app stores. The Hambi SuperApp recorded 4.6 million MAUs, up 2.3% YoY, with 3.7 million mobile app MAUs. It remained the highest-ranked app on Google Play. Meanwhile, Kinom and, Beeline TV's all-access TV and VOD platform, served approximately 1.2 million MAUs in June 2025. Customer adoption of Oila, BeelineTV's family package launched in December 2024, grew strongly in the first half of the year, reflecting its appeal as a value-oriented offering for multi- user households. 490 K customers are now subscribed to Oila. Capex stood at UZS 481 billion in 1H25, with capex intensity at 25.4%. This follows a subdued 1Q25 and reflects a return to planned deployment levels, leveraging earlier investments while preparing for growing digital and user demand. UZBEKISTAN

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Earnings Release 2Q25 19 VEON's Beeline Kazakhstan Opens New Office in Almaty Supporting the Digital Economy of Kazakhstan On July 28, 2025, VEON announced the launch of Beeline Kazakhstan's new home base in Almaty, the business hub of Kazakhstan. The new office space will be home to Beeline Kazakhstan's telecom, AI and digital services teams in a single, purpose-built environment, designed to foster cross-functional collaboration among teams and accelerating innovation. It will house around 500 professionals from across the VEON ecosystem in Kazakhstan, including Beeline and its enterprise services company QazCode, enhancing the delivery of superior customer experience and supporting the country's broader digital transformation. VEON and Cohen Circle Secure Investor Commitments for Kyivstar Listing On July 10, 2025, VEON and Cohen Circle Acquisition Corp. I, a special purpose acquisition company, announced the execution of non-redemption agreements totaling approximately USD 52.3 million with accredited institutional investors, including Helikon and Clearline. These commitments cover approximately 5.05 million CCIR Class A shares, securing the minimum USD 50 million cash condition for the proposed business combination of Kyivstar Group Ltd. and Cohen Circle. VEON Raises USD 200 Million in Private Bond Placement On July 2, 2025, VEON announced that it completed the pricing of a private placement of USD 200 million of senior unsecured notes due in 2029 with institutional investors (the "Notes"). The Notes, issued by VEON MidCo B.V., are priced at par and have an annual interest rate of 9.000%. The instrument's expected credit rating from S&P and Fitch is BB-. The Notes will be guaranteed by VEON Amsterdam B.V. and will rank pari passu with VEON HQ's outstanding debt. VEON's Kyivstar Advances Direct-to-Cell Services With Starlink Integration and Regulatory Approval for Testing On June 18, 2025, VEON announced that JSC Kyivstar, its digital operator in Ukraine, received regulatory approval to conduct testing of Starlink Direct-to-Cell (D2C) services from the Ukrainian National Commission for the State Regulation of Electronic Communications, Radio Frequency Spectrum and the Provision of Postal Services (NCEC). The regulatory approval for field testing follows successful integration of Kyivstar's core mobile network with Starlink's Direct-to-Cell service. KEY DEVELOPMENTS

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Earnings Release 2Q25 21 VEON and Engro Corporation Complete Pioneering Infrastructure Partnership in Pakistan On June 3, 2025, VEON announced that it successfully closed the partnership for the pooling and management of telecommunications infrastructure assets in Pakistan with Engro Corporation Limited ("Engro Corp"). This announcement followed VEON's May 23, 2025 announcement that it secured all regulatory approvals for the partnership with Engro Corp. VEON's infrastructure assets housed under Deodar (Private) Limited have now vested into Engro Connect, a subsidiary of Engro Corp. VEON's digital operator Jazz will continue to lease Deodar's extensive infrastructure for the provision of nationwide mobile voice and data services under a long-term partnership agreement. The partnership, initially announced on December 5, 2024, is expected to enhance the efficiency of infrastructure and digital investments in the country, in line with Pakistan's digital ambitions. Beeline Uzbekistan Moves its Headquarters to Tashkent's IT Park, Deepening Commitment to Uzbekistan's Digital Future On May 20, 2025, VEON announced that its digital operator Beeline Uzbekistan opened its new headquarters in the Tashkent IT Park. The new Beeline Uzbekistan headquarters in IT Park is now home to Beeline Uzbekistan's employee base of around 2,000, including the operator's digital services teams, VEON AdTech and Beelab (the developer of Beeline Uzbekistan's fintech platform Beepul), as well as tower operator National Tower Infrastructure LLC.

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Earnings Release 2Q25 22 CONTENT OF THE ATTACHMENTS Attachment A Customers 23 Attachment B Reconciliation tables 24 Attachment C Debt management and liquidity overview. 27 Attachment D Rates of functional currencies to USD 29 Attachment E Definitions 30 For more information on financial and operating data for specific countries, please refer to the supplementary file Factbook 2Q2025.xlsx on VEON's website at https://www.veon.com/investors/reports-results/. ATTACHMENTS

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Earnings Release 2Q25 23 ATTACHMENT A: CUSTOMERS 2Q25 1Q24 QoQ 2Q24 YoY 2Q25 1Q24 QoQ 2Q24 YoY Pakistan 73.9 71.5 3.2% 71.4 3.5% Ukraine 22.4 23.0 (2.7%) 23.4 (4.5%) 1.1 1.1 1.3% 1.1 0.0% Kazakhstan 11.7 11.6 0.9% 11.4 2.9% 0.7 0.7 (2.3%) 0.7 4.8% Bangladesh 34.8 35.8 (2.8%) 41.3 (15.7%) Uzbekistan 7.9 8.3 (5.8%) 8.1 (2.9%) Kyrgyzstan 1.6 1.7 (2.1%) 1.8 (6.6%) Total 152.3 152.0 0.2% 157.4 (3.2%) 1.9 1.9 (0.1%) 1.8 1.8% Mobile Fixed-line broadband

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Earnings Release 2Q25 24 ATTACHMENT B: RECONCILIATION TABLES RECONCILIATION OF CONSOLIDATED EBITDA TO PROFIT/(LOSS) FOR THE PERIOD USD million Unaudited 2Q25 2Q24 EBITDA 520 459 Depreciation (142) (130) Amortization (54) (49) Impairment (loss) / gain (1) (1) Gain/(loss) on disposals of non-current assets (1) (1) (Loss) /gain on disposals of subsidiaries 498 - Operating profit 820 278 Financial income and expenses, of which: (118) (107) - Financial income 9 11 - Financial expenses (127) (117) Net foreign exchange gain /(loss) and others, of which: (20) (30) - Other non-operating gains/(losses) 1 5 - Net foreign exchange gain / (loss) (21) (35) Profit before tax from continuing operations 682 141 Income tax expense (74) (52) Profit continuing operations 608 89 Profit / (loss) from discontinued operations - - Profit for the period 608 89 Profit attributable to non-controlling interest 12 21 Profit attributable to VEON shareholders 596 68 RECONCILIATION OF CAPEX USD million 2Q25 2Q24 Capex excluding l icense and capitalised leases 231 181 Adding back purchase of licenses 1 (2) Difference in timing between accrual and payment for capital expenditures (16) 66 Cash paid for capital expenditures Incl. l icenses 215 245

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Earnings Release 2Q25 25 RECONCILIATION OF EQUITY FREE CASH FLOW USD million 2Q25 2Q24 YoY change 1H25 1H24 YoY change EBITDA 520 459 60 959 845 114 Movements in working capital (108) (87) (21) (21) (87) 66 Movements in provisions 23 20 2 48 41 7 Net tax paid (175) (79) (96) (245) (130) (115) Cash capex (excluding license payments) (203) (181) (22) (408) (388) (20) Gain/(loss) on disposal of non-current assets 3 5 (2) 4 101 (97) Proceeds from sale of Business 180 - 180 280 - 280 Interest expense - banking services (9) (11) 2 (17) (22) 6 Net cashflow from banking services 45 49 (4) (89) 9 (99) Unlevered Free Cash F low 275 174 100 511 369 142 Net interest (122) (109) (13) (172) (387) 215 Equity Free Cash F low 153 65 87 339 (19) 357 Lease liabilities payments - principal (66) (43) (23) (106) (81) (25) Licenses payments (12) (63) 51 (16) (69) 52 Equity Free Cash F low (after leases and l icenses) 75 (41) 115 217 (168) 385 RECONCILIATION OF LOCAL CURRENCY AND REPORTED YOY GROWTH RATES 2Q25 LCY Impact of FX and other Reported Pakistan 15.3% (1.3%) 14.0% Ukraine 25.8% (5.0%) 20.8% Kazakhstan 3.1% (13.2%) (10.1%) Bangladesh (11.4%) (5.6%) (17.0%) Uzbekistan 13.6% (1.6%) 12.0% Total 11.2% (5.3%) 5.9% Revenue LCY Impact of FX and other Reported Pakistan 5.4% (1.3%) 4.0% Ukraine 23.5% (4.9%) 18.6% Kazakhstan (8.3%) (11.8%) (20.1%) Bangladesh 79.8% (11.7%) 68.1% Uzbekistan 22.1% (1.7%) 20.4% Total 19.6% (6.4%) 13.2% EBITDA

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Earnings Release 2Q25 26 RECONCILIATION OF AMOUNTS: REPORTED AND IN CONSTANT CURRENCY 2Q25 USD, million Reported Constant FX Total revenue Pakistan 395 400 Ukraine 286 297 Kazakhstan 201 231 Bangladesh 117 125 Uzbekistan 75 76 HQ, other and eliminations 13 13 Total 1,087 1,142 USD, million Reported Constant FX EBITDA Pakistan 164 166 Ukraine 166 173 Kazakhstan 100 115 Bangladesh 88 93 Uzbekistan 29 29 HQ, other and eliminations (27) (27) Total 520 549 EBITDA RECONCILIATION ON COUNTRY LEVEL 2Q25 USD million Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and Eliminations VEON Consolidated EBITDA 164 166 100 88 28 5 (32) 520 Less Depreciation (41) (30) (24) (34) (13) (3) 3 (142) Amortization (17) (16) (6) (14) (1) (1) 0 (54) Impairment loss (0) (1) 0 (0) - - 0 (1) Gain / (Loss) on disposals of non-current assets (0) (1) (0) 1 0 (0) (0) (1) Gains / (Losses) on sale of investments in subsidiaries 70 - - - - - 428 498 Operating profit / (loss) 176 119 70 41 14 1 399 820

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Earnings Release 2Q25 27 ATTACHMENT C: DEBT MANAGEMENT AND LIQUIDITY OVERVIEW. RECONCILIATION OF NET DEBT USD million 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Sep 2024 30 Jun 2024 Net debt, excluding leases and banking operations in Pakistan 1,962 1,810 1,901 2,100 2,226 Lease liabilities - principal 1,708 1,095 1,033 1,014 1,011 Net debt, excluding banking operations in Pakistan 3,671 2,905 2,934 3,114 3,237 Cash and cash equivalents 1,282 1,773 1,689 1,019 862 Deposits in MMBL and JazzCash in Pakistan (326) (303) (243) (144) (140) Long-term and short-term deposits 1 2 2 2 2 Gross debt 4,627 4,377 4,381 3,991 3,961 Interest accrued related to financial liabilities 61 94 54 87 69 Other unamortised adjustments to financial liabilities (fees, discounts etc.) (21) (18) (14) (13) (13) Derivatives not designated as hedges - - 9 - - Derivatives designed as hedges - - - - - Other financial liabilities 13 0 0 0 0 Total financial liabilities 4,680 4 ,453 4 ,430 4 ,064 4 ,018 GROUP DEBT AND LIQUIDITY CURRENCY MIX As of 30 June 2025 USD equivalent, millions Gross Debt Capitalised leases Gross debt excluding leases Cash, cash equivalents and deposits Net debt \* excluding leases USD 1,450 5 1,445 613 832 EUR 153 - 153 66 87 PKR 1,916 929 987 413 900 BDT 566 378 188 74 114 UAH 181 181 - 40 (40) Other 361 215 146 77 69 Total 4,627 1,708 2,919 1,283 1,962 \* Note: Cash and cash deposits includes USD 326m relating to banking operations in Pakistan. This amount is however excluded for calculation of net debt. OUTSTANDING DEBT BY ENTITY Entity Bonds Loans Overdrafts and vendor financing Total outstanding debt VEON MidCo B.V.\* 1,083 210 - 1,293 VEON Holdings B.V.\* 38 - - 38 Pakistan Mobile Communications Limited 53 899 23 975 Banglalink Digital Communications Ltd. - 188 41 229 KaR-Tel Limited Liability Partnership - 83 82 165 Unitel LLC - 47 90 137 Others 7 5 - 12 Total bonds, loans, overdrafts and other 1,181 1,432 236 2,849 Long term payables and other 70 Gross debt excluding leases 2,919 \* VEON has successfully secured approval from holders of its 2027 bonds (ISIN: Reg S: XS2824764521/ Rule 144A: XS2824766146) to substitute VEON Holdings B.V. with VEON Midco B.V. as the Issuer. VEON MidCo B.V. substituted VEON Holdings B.V. as the Issuer on April 8, 2025, upon completion of the demerger.

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Earnings Release 2Q25 28 DEBT MATURITY Maturity period Sep-25 Oct-25 Oct-25 Dec-25 2025 other Outstanding debt, USD equivalent (millions) 21 60 13 8 149 Outstanding debt, debt currency (millions) PKR 6,027 PKR 17,083 BDT 1,630 BDT 1,000 MIX Pakistan Mobile Communications Limited Pakistan Mobile Communications Limited Banglalink Digital Communications Ltd Banglalink Digital Communications Ltd Other Entity LEASE LIABILITIES (PRINCIPAL) 30-Jun-25 31-Dec-24 30-Jun-24 30-Jun-25 31-Dec-24 30-Jun-24 Pakistan 929 321 299 263,636 89,431 83,180 Ukraine 181 166 170 7,524 6,985 6,907 Bangladesh 378 364 385 46,269 43,503 45,181 Kazakhstan 169 140 116 88,098 73,244 54,639 Uzbekistan 46 40 36 587,298 513,417 451,864 Headquarters 5 2 5 5 2 5 Total 1,708 1,033 1,011 USD, mill ion Local currency, mil l ion

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Earnings Release 2Q25 29 ATTACHMENT D: RATES OF FUNCTIONAL CURRENCIES TO USD 2Q25 2Q24 YoY 2Q25 2Q24 YoY Pakistan Rupee 281.8 278.2 -1.3% 283.8 278.4 -2.0% Ukraine Hryvnia 41.5 39.8 -4.2% 41.6 40.5 -2.7% Kazakhstan Tenge 513.8 447.7 -14.8% 520.4 471.5 -10.4% Bangladeshi Taka 121.7 113.9 -6.8% 122.2 117.4 -4.1% Uzbekistan Som 12,842.4 12,659.4 -1.4% 12,654.1 12,555.2 -0.8% Kyrgyzstan Som 87.3 88.2 1.0% 87.4 86.4 -1.1% Average rates Closing rates

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Earnings Release 2Q25 30 ATTACHMENT E: 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 the intended use of the non-current asset, accounted at the earliest event of advance payment or delivery. Purchases of licenses and capitalized leases are not included in capital expenditures. Capex intensity is a ratio, which is calculated as last-twelve-months (LTM) capex divided by LTM total revenue. Direct digital revenues include revenues from VEON's proprietary digital platforms and services. 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 2024 Form 20-F published by VEON. Adjusted EBITDA is a non-IFRS financial measure. Adjusted EBITDA should not be considered in isolation or as a substitute for analyses of the results as reported under IFRS. We calculate Adjusted EBITDA as profit/(loss) for the period, before income taxes, depreciation, amortization, loss from disposal of non-current assets and impairment loss, financial expenses and costs, net foreign exchange gain/(loss) and share of profit/(loss) of associates and joint ventures. EBITDA margin is calculated as EBITDA (as defined above) 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 and proceeds from sale of business, less cash flow used in investing activities, excluding license payments, lease payments, Pakistan banking cash flows, cash outflows for business acquisitions, inflow/outflow of deposits, and financial assets. Gross debt is calculated as the sum of long-term notional debt and short-term notional debt, including capitalized leases. Identified items are amounts impacting revenues and/or EBITDA, that may be recurring in nature but are not operational. Underlying revenues and/or EBITDA exclude such identified items. Local currency (or "LCY") trends (growth/decline) in revenue and EBITDA are non-IFRS financial measures that reflect changes in Revenue and EBITDA, excluding foreign currency movements ("constant FX"). LCY trends underlying (growth/decline) is an alternative performance measure that is calculated as local currency trends excluding identified items and other factors, such as businesses under liquidation, disposals, mergers and acquisitions with an absolute amount of USD 5 million or more. Mobile customers (also - mobile subscribers) are generally customers in the registered customer base at a given measurement date who engaged in a mobile revenue generating activity at any time during the three months prior to such measurement date. Such activity includes any outgoing calls, customer fee accruals, debits related to service, outgoing SMS and MMS, data transmission and receipt sessions, but does not include incoming calls, SMS and MMS or abandoned calls. Our total number of mobile customers also includes customers using mobile internet service via USB modems and fixed-mobile convergence ("FMC"). Mobile data customers (also – mobile data subscribers) 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") are a variety of innovative services, such as mobile commerce, which 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,

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Earnings Release 2Q25 31 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. Effective 1Q25, 4G usage below the 100Mb threshold is included in Multiplay and Double Play 4G user count (excluded prior to 1Q25). Net debt is a non-IFRS financial measure and is calculated as the sum of interest-bearing long-term debt, including capitalized leases (unless specifically excluded) and short-term notional debt minus cash and cash equivalents and deposits, excluding cash and cash deposits from our banking operations in Pakistan, long-term and short-term deposits. We believe that net debt provides useful information to investors because it shows the amount of notional debt that would be outstanding if available cash and cash equivalents and deposits and long-term and short-term deposits were applied to repay such indebtedness. Net debt should not be considered in isolation as an alternative to long-term debt and short-term debt, or any other measure of our financial position. Net Promoter Score ("NPS") is the methodology VEON uses to measure customer satisfaction. Relative NPS (rNPS) – advantage or gap in NPS when compared to competition. Revenues from telecommunications services and from infrastructure ("Telecom and infrastructure revenues" or "Telecom and infra revenues") are revenues generated by VEON from providing telecommunication and infrastructure services. Telecommunication services refer to data, voice, connectivity, television, and similar services, regardless of medium of transmission, including transmission by satellite. Infrastructure services refer to leasing or providing third-party access to physical network assets, such as towers and fiber-optic lines, owned by VEON, allowing external entities to utilize these resources. Total digital monthly active users ("MAU") is a gross total cumulative MAU of all digital platforms, services and applications offered by an entity or by the Group and includes MAU who are active in more than one application. 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 "HQ" represents transactions related to management activities within the group in Amsterdam, London and Dubai.

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Earnings Release 2Q25 32 DISCLAIMER VEON's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") and have not been externally reviewed and/or audited. The financial information included in this document 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 document 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 document 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, operating model and development plans; VEON's ability to achieve anticipated performance results, including VEON's growth trajectory and ability to generate sufficient cash flow to meet upcoming obligations; VEON's intended expansion of its digital experience including through technologies such as artificial intelligence; VEON's assessment of the impact of the war in Ukraine, including related sanctions and counter- sanctions, on its current and future operations and financial condition; VEON's assessment of the impact of the political conflict in Bangladesh; 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 as well as the impact of the consolidation of such newly acquired business and assets, like Uklon into VEON's financials and results of operations; VEON's ability to execute its strategic transactions in the timeframes anticipated, or at all ,including VEON's ability to complete the business combination that will result in the listing of Kyivstar on the Nasdaq Stock Market LLC; 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; its dividends; and VEON's ability to realize its targets and commercial initiatives in its various countries of operation. The forward-looking statements included in this document 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 war in Ukraine, including further sanctions and counter-sanctions and any related involuntary deconsolidation of our Ukrainian operations; demand for and market acceptance of DISCLAIMER AND NOTICE TO READERS

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Earnings Release 2Q25 33 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, including those that arise as a results of baseline or so called "reciprocal tariffs" imposed in the countries in which we operate; 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 2024 Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the "SEC") on April 25, 2025 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 document 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. NOTICE TO READERS: FINANCIAL INFORMATION PRESENTED VEON's results and other financial information presented in this document 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. NOTICE TO READERS: IMPACT OF THE WAR IN UKRAINE The ongoing war in Ukraine and the resulting sanctions adopted by the United States, member states of the European Union, the European Union itself, the United Kingdom, Ukraine and certain other nations, countersanctions and other legal and regulatory responses, as well as responses by our service providers, partners, suppliers and other counterparties, and the other indirect and direct consequences of the war have impacted and, if the war, such responses and other consequences continue or escalate, may significantly impact our results and aspects of our operations in 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 Ukraine, as well as the possibility of the imposition of further legal and regulatory restrictions in connection with the ongoing war in Ukraine and any potential impact the war may have on our results, whether directly or indirectly. Our operations in Ukraine continue to be affected by the war. We are doing everything we can to protect the safety of our employees, while continuing to ensure the uninterrupted operation of our communications, financial and digital services. DISCLOSURE REGARDING UKRAINE TOWER COMPANY (UTC) CONSOLIDATION The financial results presented for Kyivstar as part of VEON Group's consolidated Q2 2025 financial statements include the full consolidation of Ukraine Tower Company LLC ("UTC"), consistent with its current ownership and control structure. However, it should be noted that in connection with the anticipated standalone listing of Kyivstar on Nasdaq, the financial disclosures prepared for the listed entity will exclude UTC, as UTC will not be consolidated within the scope of the listed Kyivstar entity at the time of listing.

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## Exhibit 99.2

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1 2Q25 Results \|1 VEON 2Q25 RESULTS PRESENTATION 7 August 2025 • DIRECT DIGITAL REVENUES UP 57% YOY • SOLID EXECUTION, STRONG RESULTS

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2 2Q25 Results \|2 DISCLAIMER VEON's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") and have not been externally reviewed and/or audited. The financial information included in this document 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 document 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 document 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, operating model and development plans; VEON's ability to achieve anticipated performance results, including VEON's growth trajectory and ability to generate sufficient cash flow to meet upcoming obligations; VEON's intended expansion of its digital experience including through technologies such as artificial intelligence; VEON's assessment of the impact of the war in Ukraine, including related sanctions and counter-sanctions, on its current and future operations and financial condition; VEON's assessment of the impact of the political conflict in Bangladesh; 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 as well as the impact of the consolidation of such newly acquired business and assets, like Uklon into VEON's financials and results of operations; VEON's ability to execute its strategic transactions in the timeframes anticipated, or at all ,including VEON's ability to complete the business combination that will result in the listing of Kyivstar on the Nasdaq Stock Market LLC; 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; its dividends; and VEON's ability to realize its targets and commercial initiatives in its various countries of operation. The forward-looking statements included in this document 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 war in Ukraine, including further sanctions and counter-sanctions and any related involuntary deconsolidation of our Ukrainian operations; 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, including those that arise as a results of baseline or so called "reciprocal tariffs" imposed in the countries in which we operate; 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 2024 Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the "SEC") on April 25, 2025 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 document 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.

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3 2Q25 Results \|3 NOTICE TO READERS: FINANCIAL INFORMATION PRESENTED VEON's results and other financial information presented in this document 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. NOTICE TO READERS: IMPACT OF THE WAR IN UKRAINE The ongoing war in Ukraine and the resulting sanctions adopted by the United States, member states of the European Union, the European Union itself, the United Kingdom, Ukraine and certain other nations, countersanctions and other legal and regulatory responses, as well as responses by our service providers, partners, suppliers and other counterparties, and the other indirect and direct consequences of the war have impacted and, if the war, such responses and other consequences continue or escalate, may significantly impact our results and aspects of our operations in 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 Ukraine, as well as the possibility of the imposition of further legal and regulatory restrictions in connection with the ongoing war in Ukraine and any potential impact the war may have on our results, whether directly or indirectly. Our operations in Ukraine continue to be affected by the war. We are doing everything we can to protect the safety of our employees, while continuing to ensure the uninterrupted operation of our communications, financial and digital services. DISCLOSURE REGARDING UKRAINE TOWER COMPANY (UTC) CONSOLIDATION The financial results presented for Kyivstar as part of VEON Group's consolidated Q2 2025 financial statements include the full consolidation of Ukraine Tower Company LLC ("UTC"), consistent with its current ownership and control structure. However, it should be noted that in connection with the anticipated standalone listing of Kyivstar on Nasdaq, the financial disclosures prepared for the listed entity will exclude UTC, as UTC will not be consolidated within the scope of the listed Kyivstar entity at the time of listing.

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4 2Q25 Results \|4 AGENDA 1. OPENING 2. HIGHLIGHTS & BUSINESS UPDATE Anand Ramachandran Kaan Terzioğlu 4. 2025 OUTLOOK Kaan Terzioğlu 3. 2Q25 FINANCIAL RESULTS Burak Ozer 5. Q&A Kaan Terzioğlu, Burak Ozer, Anand Ramachandran

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5 2Q25 Results \|5 • Completed Phase 3 of Share Buyback Plan. • Repaid the April 2025 and June 2025 notes at maturity. • Enhanced financial flexibility with subsequent USD 200 million bond placement. • Advanced Kyivstar's Nasdaq listing, with closing expected shortly. DELIVERED SHAREHOLDER VALUE • Closed strategic partnership with Engro Corp, showcasing strategic value of our assets. • Advanced Kyivstar's plans to launch satellite communication services with Starlink. PROGRESSED ASSET-LIGHT STRATEGY • Grew direct digital revenues by 57% YoY; now 16.5% of total Group revenues. • Consolidated Uklon; a strategic milestone that unlocks new growth opportunities. • Accelerated integration of AI-powered features in our digital applications. SCALED DIGITAL SERVICES • Sustained strong revenue and profit growth into 2Q. • Grew wallet share; 11.2% LCY revenue growth outpaces both inflation and nominal GDP. • Sustained billion-dollar-a-quarter in revenues, scaled half-a-billion in EBITDA. • Revising 2025 outlook to reflect the strong operational performance. DELIVERED STRONG GROWTH STRATEGIC CLARITY, DISCIPLINED EXECUTION

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6 2Q25 Results \|6 13.2% 12.8% 13.6% 19.6% -10.0% 0.0% 10.0% 20.0% USD LCY YOY REVENUE AND EBITDA GROWTH Group Total Revenue, YoY Group EBITDA, YoY -4.3% 12.1% 5.9% 18.7% 15.1% 11.2% -5.0% 5.0% 15.0% 13-15% LCY 1 14-16% LCY 2 -10.6% 2Q23 2Q24 2Q25 2025 Guidance 2Q23 2Q24 2Q25 2025 Guidance Revenue growth continues to outpace inflation showcasing our ability to implement fair pricing and capture higher consumer wallet share 17.4 4.0 9.3 3.2 8.7 2.4 7.6 N/A LCY Inflation3 (%) USD Inflation (%) Notes: (1) Revised up from 12-14%; (2) Revised up from 13-15%; (3) Blended Weighted Average Inflation across VEON markets. 10.6%

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7 2Q25 Results \|7 2Q25 HIGHLIGHTS Notes: (1) Last twelve months (LTM) Equity FCF is calculated before accounting for lease and license payments; Equity FCF adjusted to include proceeds from sales of business 2Q25 onwards, all historical numbers have been restated to reflect this as well; (2) Net debt figures exclude lease liabilities of USD 1.7 billion as of June 30, 2025; (3) Cash and cash equivalents and deposits includes USD 326 million relating to banking operations in Pakistan. However, this amount is excluded for calculation of net debt. LTM Capex intensity +3.4 p.p. YoY to 21.4% (18.3% excl. UKR) CAPEX $231mn 16.5% of total revenues (versus 11.2% in 2Q24) $180mn DIRECT DIGITAL REVENUE Sustained billion-dollar revenue momentum +11.2% YoY Local Currency TOTAL REVENUE +5.9% YoY $1,087mn +27.5% YoY Innovation in products and services driving customer engagement and ARPU +4.8% YoY Local Currency TELCO/ INFRA REVENUE -0.5% YoY $907mn Net debt (excl. leases) to EBITDA ratio of 1.3x, from 1.2x in 1Q25 $1,962mn NET DEBT2 -11.9% YoY $206mn at HQ $1,283mn GROUP CASH3 +56.6% YoY +62.4% YoY Local Currency EBITDA margin of 47.8% (+3.1pp YoY) $520mn EBITDA Strategic divestments that support our asset-light strategy and unlock value $611mn LTM EQUITY FCF1 +13.2% YoY +19.6% YoY Local Currency +33.7% YoY +48.5% YoY

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8 2Q25 Results \|8 53 64 115 102 23 22 16 15 2 5.5% 7.0% 11.2% 16.5% 2Q22 2Q23 2Q24 2Q25 180 We are focused on growing our direct digital revenues Our core digital verticals include financial services, healthcare, education, entertainment, ride-hailing, and enterprise services (AdTech, cloud, software development). In each of our local markets, we are focused on building robust digital products and services, leveraging our sustainable competitive advantages, resulting in: OUR JOURNEY TOWARDS DIRECT DIGITAL REVENUES Low cost of customer acquisition Optimal cost of distribution USD, million % of total revenues Direct digital revenues Financial Services Entertainment Ride-Hailing SuperApps & Digital Brands Enterprise Services (incl. AdTech) Healthcare

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9 2Q25 Results \|9 MULTIPLAY DRIVING REVENUE GROWTH Steady growth in 4G uptake Multiplay users drive top line growth Multiplay and Doubleplay 4G revenues (USD million) 89 99 103 57% 63% 68% 2Q23 2Q24 2Q25 275 364 438 200 184 193 2Q23 2Q24 2Q25 Multiplay Doubleplay 4G +3.9% 4G users YoY growth +26.8% Multiplay segment revenue YoY growth 4G users and penetration (3 months active, million) +4.6p.p. 4G penetration YoY growth +20.3% reported local currency Multiplay ARPU versus voice-only ARPU Multiplay and Voice-Only ARPU (USD) 3.23 3.51 3.39 0.91 0.93 0.91 2Q23 2Q24 2Q25 Multiplay ARPU Voice-only ARPU 3.6x 3.7x3.8x +24.1% Multiplay segment YoY growth Multiplay users Note: 4G usage below the 100Mb threshold is included in Multiplay and Double Play 4G user count (excluded prior to 1Q25).

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10 2Q25 Results \|10 GROUP OVERVIEW Note: YoY growth figures in local currencies. Total Rev. EBITDA Digital Rev. (as %) Direct Digital Rev. PAKISTAN 5.4 15.3 9.1 17.7 Q2 1H 27.9 35.7 42.1 28.1 Growth YoY (%) UKRAINE Total Rev. EBITDA Digital Rev. (as %) Direct Digital Rev. 23.5 25.8 39.5 36.1 Q2 1H 7.1 460.3 339.6 10.7 Growth YoY (%) Total Rev. EBITDA Digital Rev. (as %) Direct Digital Rev. KAZAKHSTAN (8.3) 3.1 (8.6) 1.3 Q2 1H 12.5 37.5 33.6 12.8 Growth YoY (%) Total Rev. EBITDA Digital Rev. (as %) Direct Digital Rev. BANGLADESH 79.8 (11.4) 42.0 (11.9) Q2 1H 1.9 80.4 95.6 3.2 Growth YoY (%) Total Rev. EBITDA Digital Rev. (as %) Direct Digital Rev. UZBEKISTAN 22.1 13.6 19.3 13.4 Q2 1H 10.3 198.5 211.0 10.2 Growth YoY (%)

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11 2Q25 Results \|11 11 OUR DIGITAL ECOSYSTEM Digital portfolio of assets as of June 30, 2025 44.6 USD 14.7mn Revenue 1.5 40.7 39.1 2.3 2.0x YoY -9.5% YoY +27.9% YoY +9.4% YoY +18.1% YoY 2.1x YoY -11.8% YoY (LCY) DIGITAL MAU ALL SERVICES +7.1% YoY 119.7mn DIGITAL-ONLY TOTAL MAU -6.1% YoY 29.3mn TRANSACTION VALUE LTM +53.0% YoY in LCY 43.8bn USD 3.7 DIGITAL REVENUE % IN TOTAL REV. +5.4pp YoY 16.5% 3.5 Note: YoY comparison is on a like-for-like basis and includes all DO1440 products. Gross transaction value and total usage time exclude self-service products. All MAUs refers to users active during June-2025 Digital-only MAU – users of VEON digital services and platforms who are subscribers from other mobile operators. Double Digit Growth Mn MAUs

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12 2Q25 Results \|12 MAUs 40.7mn +27.9% Financial Services Entertainment Platforms OUR DIGITAL ASSETS Growth engines powering engagement and scale SuperApps Premium Digital Brands 21.1mn +19.4% 1.5mn +17.7% 3.2mn +94.7% MAUs Growth YoY MAUs Growth YoY 12.1mn1 -32.8% 4.4mn -64.6% 2.0mn +21.7% 890K -3.2% 1.0mn +20.3% MAUs Growth YoY 21.2mn +39.6% 8.3mn +3.0% 5.4mn +6.3% 4.6mn +2.3% 4.7mn +2.5% MAUs Growth YoY 691K +20.6% 754K +71.8% 644K 4.8x 227K Ride-Hailing & Delivery 1.1mn +33.4% Rides Booked Growth YoY MAUs 39.1mn -9.5% MAUs 44.6mn +18.1% MAUs 3.5mn MAUs 2.3mn 2.0x 9.8mn +70.6% 41.2mn +18.9% Deliveries Completed Growth YoY Note: All MAUs refer to users active during June 2025; (1) Tamasha recorded 17.0 million MAUs for April-25 on the back of marquee cricket tournaments, with June-25 MAUs reflecting typical seasonality in-between tournament schedules

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13 2Q25 Results \|13 AGENDA 1. OPENING 2. HIGHLIGHTS & BUSINESS UPDATE Anand Ramachandran Kaan Terzioğlu 4. 2025 OUTLOOK Kaan Terzioğlu 3. 2Q25 FINANCIAL RESULTS Burak Ozer 5. Q&A Kaan Terzioğlu, Burak Ozer, Anand Ramachandran

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14 2Q25 Results \|14 2Q25 REVENUES Revenue, LCY 2Q25 results YoY trends TOTAL REVENUE $1,087mn +11.2% Local Currency +5.9% DIRECT DIGITAL REVENUE $180mn +25.8%+15.3% -11.4% +13.6%+3.1% -1.3% +62.4% Local Currency +56.6% REVENUE, FX DIFFERENCES IN 2Q25 (USD million) FX differences 1,087 395 286 201 117 75 13 (0) Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and eliminations VEON, reported +5.9% +11.2% Revenue, USD • 2Q25 revenue was USD 1,087 million, reflecting 5.9% YoY growth in reported terms and 11.2% in local currency terms. • Direct Digital Revenues reached USD 180 million in 2Q25, reflecting a 56.6% YoY increase in reported terms and 62.4% in local currency.

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15 2Q25 Results \|15 2Q25 EBITDA AND EBITDA MARGIN 2Q25 results YoY trends EBITDA $520mn +19.6% Local Currency +13.2% EBITDA MARGIN 47.8% +3.1 p.p. 520 164 166 100 88 28 5 -31 Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and eliminations VEON, underlying EBITDA, FX DIFFERENCES IN 2Q25 (USD million) FX differences EBITDA, LCY +23.5%+5.4% +79.8% +22.1%-8.3% +15.8% +13.2% +19.6% EBITDA, USD • 2Q25 EBITDA was USD 520 million, reflecting 13.2% YoY growth in reported terms and 19.6% in local currency terms. • EBITDA margin for the quarter grew by 3.1 p.p. to 47.8%.

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16 2Q25 Results \|16 2Q25 DEBT AND LIQUIDITY UPDATE CASH • Group cash at USD 1,283 million (of which USD 206 million is at the HQ level) compared to USD 1,775 million in 1Q25 (of which USD 662 million was at HQ level). The change was primarily driven by net repayments of debt at HQ and the acquisition of Uklon Group. • Net dividends upstreamed from OpCos for 2Q25: USD 59 million (after withholding tax). DEBT • Gross debt at USD 4,627 million. An increase in lease liabilities was partially offset by the net repayment of debt at HQ and our operating companies. • April 2025 notes (USD 472 million) and June 2025 notes (USD 100 million) repaid at maturity. • Net debt/LTM EBITDA (excl leases) at 1.32x (vs. 1.23x in March 2025). SUBSEQUENT DEVELOPMENTS • Enhanced financial flexibility with the completion of a USD 200 million bond issuance. USD, million 30 June 2025 31 Mar 2025 QoQ Group cash 1,283 1,775 (27.7%) Gross debt, there of 4,627 4,377 5.7% Lease Liabilities 1,708 1,095 56.0% Net debt excl. leases 1,962 1,810 8.4% Net debt to LTM EBITDA excl. leases 1.32x 1.23x Note: Cash and cash equivalents and deposits includes USD 326 million relating to banking operations in Pakistan. This amount is however excluded for calculation of net debt.

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17 2Q25 Results \|17 AGENDA 1. OPENING 2. HIGHLIGHTS & BUSINESS UPDATE Anand Ramachandran Kaan Terzioğlu 4. 2025 OUTLOOK Kaan Terzioğlu 3. 2Q25 FINANCIAL RESULTS Burak Ozer 5. Q&A Kaan Terzioğlu, Burak Ozer, Anand Ramachandran

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18 2Q25 Results \|18 REVISING 2025 OUTLOOK1 (1) Based on blended weighted average inflation of 8.2% as of 4Q24. The weighted average inflation was 8.7% in 2Q25; (2) Local currency terms; (3) Versus prior underlying LCY Total revenue growth of 12%-14% and EBITDA growth of 13%-15%; (4) Excluding Ukraine, LTM capex excluding Ukraine was 18.3% as of June 2025. 1H25 Total Revenue, YoY 13.4% 2 EBITDA, YoY 20.8% 2 LTM Capex intensity 4 21.4% FY25 Outlook 1 Total Revenue, YoY 13%-15% growth 2,3 EBITDA, YoY 14%-16% growth 2,3 Capex intensity 4 17%-19%

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19 2Q25 Results \|19 Q&A VEON 2Q25 RESULTS PRESENTATION

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20 2Q25 Results \|20 PAKISTAN Sustained All-Round Growth • Telecom & Infrastructure Revenue: Grew 8.9% YoY in 2Q25, supported by an 3.5% increase in mobile users and higher ARPU. • Direct Digital Revenues: Increased 35.7% YoY, led by strong growth in JazzCash (+47.1% YoY) and MMBL (+36.2% YoY), fueled by rising digital engagement and lending volumes. • EBITDA: Increased 5.4% YoY, with margin moderating to 41.6%, reflecting the shift in business mix toward structurally lower-margin digital services and higher operating costs. • Capex at 10.7% YoY, with capex intensity at 14.4% (11.6% for 1H) driven by ongoing infrastructure investments and execution of strategic initiatives. 2Q25 RESULTS AND YOY TRENDS, PKR DIRECT DIGITAL REVENUE 31.2bn +35.7% 16.0bn +10.7% 42.4 47.3 54.6 59.5% 66.3% 73.9% 2Q23 2Q24 2Q25 CAPEX TOTAL REVENUE 111.2bn 46.2bn +15.3% EBITDA +5.4% 4G USERS AND PENETRATION (3 month active, million) SEGMENT REVENUES IN CONSUMER REVENUE (billion) DIRECT DIGITAL REVENUE AND % OF TOTAL REVENUE (billion) 43% 52% 60% 17% 13% 16%40% 34% 24%54.2 62.4 72.4 2Q23 2Q24 2Q25 Multiplay 2Play 4G Other 11 23 31 14.8% 23.9% 28.1% 2Q23 2Q24 2Q25 1 2 3

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21 2Q25 Results \|21 128 225 1,263 1.5% 2.4% 10.7% 2Q23 2Q24 2Q25 UKRAINE Building further on strong growth with Uklon • Telecom & Infrastructure Revenue: Increased 15.2% YoY, driven by a 20.6% uplift in ARPU from repricing measures, higher mobile data usage, and stable 4G user base. • Direct Digital Revenue: Grew 460.3% YoY, reflecting the first-time consolidation of Uklon and continued strength across Helsi and Kyivstar TV platforms. • EBITDA: Grew 23.5% YoY with a 58.2% margin (-1.1 p.p. YoY, without Uklon EBITDA margin YoY was stable), as higher digital contribution and inflationary pressures were offset by disciplined cost management and operational execution. • Capex at UAH 3.9 billion with capex intensity at 33.2% (28.2% for 1H), reflecting Kyivstar's accelerated reinvestment to maintain technological leadership amid the ongoing conflict. 13.6 14.6 14.4 56.2% 62.4% 64.5% 2Q23 2Q24 2Q25 4G USERS AND PENETRATION (3 month active, million) DIRECT DIGITAL REVENUE AND % OF TOTAL REVENUE (million) SEGMENT REVENUES IN CONSUMER REVENUE1 (billion) 23% 33% 43% 43% 41% 39%34% 26% 18%7.2 7.8 9.1 2Q23 2Q24 2Q25 Multiplay 2Play 4G Other 2Q25 RESULTS AND YOY TRENDS, UAH DIRECT DIGITAL REVENUE +460% CAPEX +72.8% TOTAL REVENUE 11.9bn 6.9bn +25.8% EBITDA +23.5% 1.3bn 3.9bn 1 2 3

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22 2Q25 Results \|22 KAZAKHSTAN Growth driven by network investments and digital expansion • Telecom & Infrastructure Revenue: Declined 0.5% YoY. Excluding impact of TNS+ deconsolidation effective 4Q24, revenue rose 14.5% YoY, supported by ARPU growth and handset sales. • Direct Digital Revenue: Increased 37.5% YoY, accounting for 12.8% of total revenue, driven by strong user adoption across BeeTV, Simply, and IZI platforms. • EBITDA: Declined 8.3% YoY (or 4.3% YoY adjusted for the sale of TNS+), with margin down 6.2 p.p. to 49.6%. • Capex was at KZT 22.5 billion with capex intensity at 21.8% (17.4% for 1H), driven by LTE network expansion and deployment of MIMO and 4.9G technologies. 7.7 8.7 8.8 71.0% 76.0% 75.3% 2Q23 2Q24 2Q25 4G USERS AND PENETRATION (3 month active, million) SEGMENT REVENUES IN CONSUMER REVENUE (billion) 2Q25 RESULTS AND YOY TRENDS, KZT DIRECT DIGITAL REVENUE 13.3bn +37.5% 22.5bn +62.9% CAPEX TOTAL REVENUE 103.5bn 51.3bn +3.1% EBITDA -8.3% DIRECT DIGITAL REVENUE AND % OF TOTAL REVENUE (billion) 53% 62% 69% 27% 23% 16%19% 16% 15%56.8 67.4 71.2 2Q23 2Q24 2Q25 Multiplay 2Play 4G Other 7 10 13 8.7% 9.6% 12.8% 2Q23 2Q24 2Q25 +14.5% YoY Like-for-Like LCY1 -4.3% YoY Like-for-Like LCY1 1. Adjusting for the sale of TNS+. 1 2 3

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23 2Q25 Results \|23 BANGLADESH Growth challenges, margins and cost control hold firm • Telecom & Infrastructure Revenue: QoQ growth of 2.3% and a 4.1% YoY rise in mobile ARPU signal early signs of recovery, supported by increased data and voice usage. • Direct Digital Revenue: Grew 80.4% YoY, reflecting strong momentum across platforms like Ryze and MyBL. • EBITDA: Increased 79.8% YoY, reflecting structural cost efficiencies and one- off tax impacts. • Capex of BDT 705 million , at 5.0% capex intensity (5.5% for 1H) reflects a lean investment approach amid economic uncertainty, while sustaining Banglalink's nationwide 4G network for future growth. 2Q25 RESULTS AND YOY TRENDS, BDT TOTAL REVENUE 14.2bn DIRECT DIGITAL REVENUE 10.7bn 459mn 705mn 18.1 21.3 18.2 46.2% 51.5% 52.3% 2Q23 2Q24 2Q25 EBITDA CAPEX -70.1%+79.8% 4G USERS AND PENETRATION (3 month active, million) SEGMENT REVENUES IN CONSUMER REVENUE (billion) +80.4%-11.4% DIRECT DIGITAL REVENUE AND % OF TOTAL REVENUE (million) 32% 34% 41% 20% 18% 23% 48% 47% 36% 14.0 14.1 12.9 2Q23 2Q24 2Q25 Multiplay 2Play 4G Other 8 254 459 0.1% 1.6% 3.2% 2Q23 2Q24 2Q25 1 2 3

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24 2Q25 Results \|24 UZBEKISTAN Growth driven by ARPU gains and expanding digital base • Telecom & Infrastructure Revenue: Increased 6.2% YoY, supported by ARPU growth through disciplined pricing, mobile financial services, and guest roaming. • Direct Digital Revenue: Rose 198.5% YoY, driven by rapid adoption of key platforms like Beepul, Hambi, and Kinom. • EBITDA: Grew 22.1% YoY with margin improving by 2.6 p.p. to 37.9%, as revenue growth outpaced rising costs from utilities, wages, and commercial investments. • Capex of UZS 366 billion, at 38.2% capex intensity (25.4% for 1H) reflects a more balanced phasing of investment levels after a subdued 1Q25, supporting future digital and user growth. 6.0 6.0 5.8 69.3% 74.5% 74.2% 2Q23 2Q24 2Q25 4G USERS AND PENETRATION (3 month active, million) SEGMENT REVENUES IN CONSUMER REVENUE (billion) 2Q25 RESULTS AND YOY TRENDS, UZS DIRECT DIGITAL REVENUE 97bn +198.5% 366bn +72.5% CAPEX TOTAL REVENUE 958bn 363bn +13.6% EBITDA +22.1% DIRECT DIGITAL REVENUE AND % OF TOTAL REVENUE (billion) 54% 65% 64% 26% 18% 17%19% 17% 18%706 785 888 2Q23 2Q24 2Q25 Multiplay 2Play 4G Other 36 33 97 4.8% 3.9% 10.2% 2Q23 2Q24 2Q25 1 2 3

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25 2Q25 Results \|25 1H25 REVENUES Revenue, LCY 1H25 results YoY trends TOTAL REVENUE $2,113mn +13.4% Local Currency +7.3% DIRECT DIGITAL REVENUE $326mn +36.1%+17.7% -11.9% +13.4%+1.3% -7.8% +58.7% Local Currency +53.6% REVENUE, FX DIFFERENCES IN 1H25 (USD million) FX differences 2,113 -1 781 542 389 228 147 26 Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and eliminations VEON, reported +13.4% +7.3% Revenue, USD 1 2 3

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26 2Q25 Results \|26 1H25 EBITDA AND EBITDA MARGIN 1H25 results YoY trends EBITDA $959mn +20.8% Local Currency +13.4% EBITDA MARGIN 45.4% +2.4 p.p. 959 326 309 195 126 56 9 -62 Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and eliminations VEON, reported EBITDA, FX DIFFERENCES IN 1H25 (USD million) FX differences EBITDA, LCY +39.5%+9.1% +42.0% +19.3%-8.6% -0.3% +13.4% +20.8% EBITDA, USD 1 2 3

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27 2Q25 Results \|27 FINANCIAL SERVICES IN PAKISTAN JazzCash and Mobilink Bank The most popular domestic mobile financial services app in Pakistan Pakistan's largest domestic digital bank with over 22% of loans issued digitally Gross Loan Portfolio PKR 64.8 billion 11.8% YoY Average loan size in 2Q25 PKR 441,900+ +36.8% YoY MAU Dost app 68,400+ 1.6x YoY MAU 21.1 million +19.4% YoY Active merchants 367,000+ +37.5% YoY Daily average # of issued digital loans in 2Q25 140k+ +43.8% YoY LTM Gross Transaction Value PKR 11.7 trillion +57.4% YoY TOTAL REVENUE 23.8bn PKR +38.0% EBITDA - 0.6% PKR 5.9bn 2Q25 RESULTS AND YOY TRENDS 1 2 3

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28 2Q25 Results \|28 RIDE-HAILING & DELIVERY Uklon  Leading domestic ride-hailing platform in Ukraine  Scaling operations and footprint in Uzbekistan MAU 3.5 million Rides Booked2 41.2 million +18.9% YoY Deliveries Completed2 1.1 million +33.4% YoY 1 2 3 TOTAL REVENUE1 21.7mn USD EBITDA1 USD 9.3mn 2Q25 RESULTS (1) Results for May & June 2025; (2) Operational data pertains to 2Q25.

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29 2Q25 Results \|29 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 the intended use of the non-current asset, accounted at the earliest event of advance payment or delivery. Purchases of licenses and capitalized leases are not included in capital expenditures. Capex intensity is a ratio, which is calculated as last-twelve-months (LTM) capex divided by LTM total revenue. Direct digital revenues include revenues from VEON's proprietary digital platforms and services. 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 2024 Form 20-F published by VEON. Adjusted EBITDA is a non-IFRS financial measure. Adjusted EBITDA should not be considered in isolation or as a substitute for analyses of the results as reported under IFRS. We calculate Adjusted EBITDA as profit/(loss) for the period, before income taxes, depreciation, amortization, loss from disposal of non-current assets and impairment loss, financial expenses and costs, net foreign exchange gain/(loss) and share of profit/(loss) of associates and joint ventures. EBITDA margin is calculated as EBITDA (as defined above) 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 and proceeds from sale of business, less cash flow used in investing activities, excluding license payments, lease payments, Pakistan banking cash flows, cash outflows for business acquisitions, inflow/outflow of deposits, and financial assets. Gross debt is calculated as the sum of long-term notional debt and short-term notional debt including capitalized leases. Identified items are amounts impacting revenues and/or EBITDA, that may be recurring in nature, but are not operational. Underlying revenues and/or EBITDA exclude such identified items. Local currency (or "LCY") trends (growth/decline) in revenue and EBITDA are non-IFRS financial measures that reflect changes in Revenue and EBITDA, excluding foreign currency movements ("constant FX"). LCY trends underlying (growth/decline) is an alternative performance measure that is calculated as local currency trends excluding identified items and other factors, such as businesses under liquidation, disposals, mergers and acquisitions with an absolute amount of USD 5 million or more. 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 (also –mobile data subscribers) 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") are a variety of innovative services, such as mobile commerce which 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 (also – mobile subscribers) 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. Effective 1Q25, 4G usage below the 100Mb threshold is included in Multiplay and Double Play 4G user count (excluded prior to 1Q25). Net debt is a non-IFRS financial measure and is calculated as the sum of interest-bearing long-term debt including capitalized leases (unless specifically excluded) and short-term notional debt minus cash and cash equivalents and deposits excluding cash and cash deposits from our banking operations in Pakistan, long-term and short-term deposits. We believe that net debt provides useful information to investors because it shows the amount of notional debt that would be outstanding if available cash and cash equivalents and deposits and long-term and short-term deposits were applied to repay such indebtedness. Net debt should not be considered in isolation as an alternative to long-term debt and short-term debt, or any other measure of our financial position. Net Promoter Score ("NPS") is the methodology VEON uses to measure customer satisfaction. Relative NPS (rNPS) – advantage or gap in NPS when compared to competition. Revenues from telecommunications services and from infrastructure ("Telecom and infrastructure revenues" or "Telecom and infra revenues") are revenues generated by VEON from providing telecommunication and infrastructure services. Telecommunication services refer to data, voice, connectivity, television, and similar services, regardless of medium of transmission, including transmission by satellite. Infrastructure services refer to leasing or providing third-party access to physical network assets, such as towers and fiber-optic lines, owned by VEON, allowing external entities to utilize these resources. Total digital monthly active users ("MAU") is a gross total cumulative MAU of all digital platforms, services and applications offered by an entity or by the Group and includes MAU who are active in more than one application.. 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 "HQ" represents transactions related to management activities within the group in Dubai and Amsterdam.

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![](a2q25resultspresentation030.jpg)

30 2Q25 Results \|30 ir@veon.com Tel: +971 4 433 1145 VEON 2Q25 RESULTS PRESENTATION

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## Exhibit 99.3

![](a2q25factbook001.jpg)

VEON Group Average and closing rates of functional currencies to USD Index Long Name ISO code 2Q25 2Q24 YoY 2Q25 2Q24 YoY Consolidated VEON Pakistan Rupee PKR 281.8 278.2 (1.3%) 283.8 278.4 (2.0%) Customers Ukraine Hryvnia UAH 41.5 39.8 (4.2%) 41.6 40.5 (2.7%) Pakistan Kazakhstan Tenge KZT 513.8 447.7 (14.8%) 520.4 471.5 (10.4%) Ukraine Bangladeshi Taka BDT 121.7 113.9 (6.8%) 122.2 117.4 (4.1%) Kazakhstan Uzbekistan Som UZS 12,842.4 12,659.4 (1.4%) 12,654.1 12,555 (0.8%) Bangladesh Kyrgyzstan Som KGS 87.3 88.2 1.0% 87.4 86.4 (1.1%) Uzbekistan Russian Ruble RUB 80.8 90.6 10.8% 78.5 85.7 8.5% Euro EUR 0.9 0.9 5.0% 0.8 0.9 9.1% Average rates Closing rates

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![](a2q25factbook002.jpg)

VEON index page (in USD millions, unless stated otherwise, unaudited) Consolidated 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY20 FY21 FY22 FY23 FY24 Total revenue 884 916 945 953 942 1,026 1,038 998 1,026 1,086 3,482 3,850 3,755 3,698 4,004 Service revenue 856 887 918 915 903 987 1,000 956 980 1,033 3,355 3,690 3,621 3,576 3,846 Mobile data revenue 417 433 462 461 447 485 486 486 496 513 1,374 1,680 1,763 1,773 1,904 EBITDA 385 415 444 367 386 459 438 408 439 520 1,625 1,840 1,747 1,612 1,691 EBITDA margin (%) 43.6% 45.3% 47.0% 38.5% 41.0% 44.7% 42.2% 40.9% 42.8% 47.8% 46.7% 47.8% 46.5% 43.6% 42.2% EBIT (Operating profit) 205 242 259 223 201 278 402 230 239 819 855 1,751 1,163 929 1,110 Profit/(Loss) before tax 36 188 184 152 119 141 295 148 130 682 405 1,192 801 559 704 Net income/(loss) attributavle to VEON shareholders 342 251 448 (3,569) 57 68 209 81 99 596 (349) 674 (162) (2,528) 414 CAPEX 90 171 131 258 124 181 198 322 135 231 1,785 808 826 651 826 LTM CAPEX / LTM Total revenue 20.2% 19.6% 17.8% 17.6% 18.2% 18.0% 19.2% 20.6% 20.4% 21.4% 24.5% 21.0% 22.0% 17.6% 20.6% Unlevered Free Cash Flow\* 187 182 235 243 194 174 221 236 236 275 - 760 784 846 826 Equity Free Cash Flow after lease payments and licenses\*\* (27) (47) 118 68 58 (41) 43 64 142 75 - 57 (115) 112 124 \*Notes: For definitions please see VEON Ltd.'s trading update published on its website on the date hereof \* EFCF definition now includes proceeds from sale of business \*\* EFCF definition now includes proceeds from sale of business

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![](a2q25factbook003.jpg)

VEON index page (in millions) Mobile customers 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY20 FY21 FY22 FY23 FY24 Pakistan 73.7 71.2 70.5 70.6 71.7 71.4 71.6 71.5 73.4 73.9 66.4 72.6 73.7 70.6 71.5 Bangladesh 38.7 39.1 39.9 40.4 41.0 41.3 37.8 35.8 35.0 34.8 33.2 35.1 37.6 40.4 35.8 Ukraine 24.3 24.1 24.1 23.9 23.9 23.4 23.3 23.0 22.7 22.4 25.9 26.2 24.8 23.9 23.0 Uzbekistan 8.4 8.6 8.7 8.4 8.2 8.1 8.2 8.3 8.2 7.9 6.8 7.1 8.4 8.4 8.3 Kazakhstan 10.6 10.8 11.0 11.1 11.2 11.4 11.6 11.6 11.6 11.7 9.5 9.9 10.6 11.1 11.6 Other 2.0 1.9 1.9 1.9 1.8 1.8 1.7 1.7 1.6 1.6 3.3 3.3 1.9 1.9 1.7 Total 157.7 155.8 156.1 156.2 157.8 157.4 154.2 152.0 152.4 152.3 145.1 154.1 156.9 156.2 152.0 Fixed-line customers 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY20 FY21 FY22 FY23 FY24 Pakistan - - - - - - - - - - - - - - - Bangladesh - - - - - - - - - - - - - - - Ukraine 1.1 1.1 1.1 1.2 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.1 Uzbekistan - - - - - - - - - - - - - - - Kazakhstan 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.5 0.6 0.6 0.7 0.7 Other - - - - - - - - - - 0.0 0.0 - - - Total 1.8 1.8 1.8 0.7 1.8 1.8 1.8 1.9 1.9 1.9 1.6 1.8 1.8 1.8 1.9

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![](a2q25factbook004.jpg)

Pakistan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY20 FY21 FY22 FY23 FY24 Total revenue 269 271 279 299 321 347 359 356 386 395 1,233 1,408 1,285 1,119 1,382 Service revenue 250 252 263 275 291 318 332 327 353 361 1,134 1,285 1,190 1,041 1,269 EBITDA 122 128 124 129 143 158 149 134 162 164 612 643 654 502 584 EBITDA margin (%) 55.4% 58.9% 56.4% 56.7% 44.6% 45.5% 41.4% 37.8% 42.0% 41.6% 49.7% 45.7% 50.9% 44.9% 42.3% EBIT (Operating profit) 66 78 74 77 90 103 93 78 104 175 397 374 395 295 363 CAPEX 14 36 23 57 19 52 48 74 34 57 249 318 257 130 194 MOBILE Total revenue 219 218 219 227 234 248 252 256 268 274 1,233 1,408 1,121 883 991 Service revenue 219 218 219 227 234 248 252 256 268 274 1,134 1,285 1,088 883 991 Data revenue 109.5 107.4 110.6 119.7 126.1 134.5 136.4 138.6 149.6 155.5 426 534 518 447 536 Customers (mln) 73.7 71.2 70.5 70.6 71.7 71.4 71.6 71.5 73.4 73.9 66.4 72.6 73.7 70.6 71.5 ARPU (USD) 0.9 0.9 1.0 1.0 1.0 1.1 1.1 1.1 1.2 1.2 n.a. n.a. n.a. n.a. n.a. MOU (min) 231 241 235 244 245 261 250 260 253 259 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 5,950 5,995 6,647 6,972 7,410 7,558 7,459 7,275 7,421 7,377 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 26% 31% 25% 21% 17% 22% 20% 23% 16% 20% n.a. n.a. n.a. n.a. n.a. (in Local Currency billions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY20 FY21 FY22 FY23 FY24 Total revenue 69.7 77.6 81.5 84.7 89.7 96.5 99.9 98.8 107.9 111.2 199 229 262 314 385 Service revenue 64.7 72.2 76.7 77.9 81.4 88.6 92.5 91.0 98.6 101.8 183 209 242 292 353 EBITDA 31.5 36.7 36.1 36.5 40.0 43.9 41.4 37.4 45.3 46.2 99 105 134 141 163 EBITDA margin (%) 55.5% 58.9% 56.4% 56.7% 44.6% 45.5% 41.4% 37.8% 42.0% 41.6% 49.8% 45.7% 51.2% 44.9% 42.3% EBIT (Operating profit) 17.2 22.2 21.6 21.8 25.0 28.7 25.8 21.5 29.0 49.5 64 61 81 83 101 CAPEX 3.7 10.2 6.8 16.3 5.3 14.5 13.4 20.7 9.5 16.0 40 52 52 37 54 MOBILE Total revenue 56.8 62.2 64.0 64.3 65.5 69.1 70.3 71.0 74.8 77.2 199 229 227 247 276 Service revenue 56.8 62.2 64.0 64.3 65.5 69.1 70.3 71.0 74.8 77.2 183 209 221 247 276 Data revenue 28.3 30.7 32.3 33.9 35.2 37.4 38.0 38.5 41.8 43.8 69 87 105 125 149 Customers (mln) 73.7 71.2 70.5 70.6 71.7 71.4 71.6 71.5 73.4 73.9 66.4 72.6 73.7 70.6 71.5 ARPU (PKR) 236.9 265.2 282.3 285.8 287.3 304.5 301.8 305.9 327.6 331.7 n.a. n.a. n.a. n.a. n.a. MOU (min) 231 241 235 244 245 261 250 260 253 259 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 5,950 5,995 6,647 6,972 7,410 7,558 7,459 7,275 7,421 7,377 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 26% 31% 25% 21% 17% 22% 20% 23% 16% 20% n.a. n.a. n.a. n.a. n.a. Additional KPI's 4G network coverage 66% 66% 67% 67% 67% 67% 67% 69% 70% 71% 59% 55% 65% 67% 69% 4G mobile customer penetration (3 Months active) 58% 59% 61% 62% 64% 66% 69% 71% 73% 74% 38% 48% 56% 62% 71% Notes: For definitions please see VEON Ltd.'s trading update published on its website on the date hereof

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![](a2q25factbook005.jpg)

Ukraine index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY20 FY21 FY22 FY23 FY24 Total revenue 228 235 238 217 188 236 250 251 257 286 933 1,055 971 919 925 Service revenue 227 234 236 215 185 234 247 249 254 283 928 1,048 965 911 915 EBITDA 135 139 152 116 95 140 144 140 143 166 630 704 575 541 518 EBITDA margin (%) 59.0% 59.1% 63.6% 53.5% 50.5% 59.2% 57.7% 55.6% 55.5% 58.2% 67.5% 66.8% 59.2% 58.9% 56.1% EBIT (Operating profit) 100 103 109 77 55 104 106 103 100 119 470 535 387 389 368 CAPEX 21 38 44 70 28 57 64 102 58 95 179 204 176 174 251 MOBILE Total revenue 212 218 222 200 172 216 228 229 232 239 869 980 902 852 845 Service revenue 212 218 222 200 172 216 228 229 232 239 869 980 902 852 845 Data revenue 127.3 132.1 136.1 127.7 104.0 132.8 145.1 149.9 150.5 155.9 489 590 542 523 532 Customers (mln) 24.3 24.1 24.1 23.9 23.9 23.4 23.3 23.0 22.7 22.4 25.9 26.2 24.8 23.9 23.0 ARPU (USD) 2.9 3.0 3.1 2.8 2.4 3.0 3.3 3.3 3.4 3.5 n.a. n.a. n.a. n.a. n.a. MOU (min) 314 320 311 303 308 306 300 298 290 295 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 9,760 9,914 10,333 9,570 9,600 10,687 11,209 11,478 11,631 12,859 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 19% 14% 13% 14% 11% 20% 16% 18% 16% 15% n.a. n.a. n.a. n.a. n.a. FIXED-LINE Total revenue 12 12 13 12 10 12 13 13 14 13 59 68 58 49 48 Service revenue 12 12 13 12 10 12 13 13 14 13 59 68 58 49 48 Broadband revenue 0 0 0 0 0 0 0 0 0 0 38 43 10 0 0 Customers (mln) 1.1 1.1 1.1 1.2 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.1 Broadband ARPU (USD) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 n.a n.a n.a n.a n.a (in Local Currency millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY20 FY21 FY22 FY23 FY24 Total revenue 8,346 8,609 8,711 7,921 7,169 9,425 10,267 10,413 10,720 11,857 25,158 28,748 31,092 33,588 37,274 Service revenue 8,294 8,549 8,637 7,839 7,080 9,328 10,163 10,303 10,595 11,728 25,020 28,571 30,893 33,319 36,874 EBITDA 4,921 5,085 5,542 4,228 3,627 5,585 5,924 5,789 5,955 6,898 16,979 19,196 18,301 19,775 20,925 EBITDA margin (%) 59.0% 59.1% 63.6% 53.4% 50.6% 59.3% 57.7% 55.6% 55.6% 58.2% 67.5% 66.8% 58.9% 58.9% 56.1% EBIT (Operating profit) 3,656 3,767 3,979 2,795 2,098 4,162 4,361 4,271 4,187 4,925 12,678 14,584 12,384 14,196 14,892 CAPEX 780 1,395 1,616 2,573 1,072 2,276 2,625 4,252 2,422 3,932 4,851 5,551 5,960 6,364 10,225 MOBILE Total revenue 7,742 7,973 8,128 7,311 6,571 8,617 9,384 9,480 9,707 9,914 23,418 26,712 28,865 31,153 34,053 Service revenue 7,742 7,973 8,128 7,311 6,571 8,617 9,384 9,480 9,707 9,914 23,418 26,712 28,865 31,153 34,053 Data revenue 4,655 4,832 4,976 4,669 3,976 5,293 5,971 6,214 6,285 6,470 13,191 16,092 17,333 19,132 21,454 Customers (mln) 24.3 24.1 24.1 23.9 23.9 23.4 23.3 23.0 22.7 22.4 25.9 26.2 24.8 23.9 23.0 ARPU (UAH) 104.5 109.1 111.6 101.4 91.4 121.1 134.2 136.3 140.6 146.0 n.a. n.a. n.a. n.a. n.a. MOU (min) 314 320 311 303 308 306 300 298 290 295 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 9,760 9,914 10,333 9,570 9,600 10,687 11,209 11,478 11,631 12,859 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 19% 14% 13% 14% 11% 20% 16% 18% 16% 15% n.a. n.a. n.a. n.a. n.a. FIXED-LINE Total revenue 437 449 464 424 374 490 546 540 564 556 1,602 1,859 1,834 1,774 1,951 Service revenue 437 449 464 424 374 490 546 540 564 556 1,602 1,859 1,834 1,774 1,951 Broadband revenue n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a 1,030 1,180 297 n.a n.a Customers (mln) 1.1 1.1 1.1 1.2 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.1 Broadband ARPU (UAH) n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a Additional KPI's 4G network coverage 94% 94% 95% 95% 95% 95% 96% 96% 96% 96% 86% 90% 94% 95% 96% 4G mobile customer penetration 55% 56% 59% 62% 63% 62% 63% 63% 63% 65% 36% 46% 53% 62% 63% Notes: For definitions please see VEON Ltd.'s trading update published on its website on the date hereof

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![](a2q25factbook006.jpg)

Kazakhstan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY20 FY21 FY22 FY23 FY24 Total revenue 175 188 204 208 214 224 224 193 188 201 479 569 636 775 854 Service revenue 169 182 199 199 209 217 217 184 180 187 470 550 613 749 827 EBITDA 92 104 118 107 118 125 106 93 95 100 265 307 321 421 442 EBITDA margin (%) 52.5% 55.4% 57.6% 51.5% 55.3% 55.8% 47.3% 48.3% 50.4% 49.6% 55.3% 54.0% 50.4% 54.3% 51.8% EBIT (Operating profit) 67 84 92 81 92 97 78 66 56 70 160 196 212 325 332 CAPEX 16 26 33 92 19 31 56 73 24 44 119 135 122 166 178 MOBILE Total revenue 115 123 139 136 145 163 155 149 143 147 401 478 462 514 612 Service revenue 115 123 139 136 145 163 155 149 143 147 392 459 457 514 612 Data revenue 81.0 88.0 104.1 102.9 110.2 113.4 107.6 102.1 106.5 108.8 199 265 302 376 433 Customers (mln) 10.6 10.8 11.0 11.1 11.2 11.4 11.6 11.6 11.6 11.7 9.5 9.9 10.6 11.1 11.6 ARPU (USD) 4.0 4.3 4.7 4.7 4.8 5.0 4.7 4.4 4.3 4.4 n.a. n.a. n.a. n.a. n.a. MOU (min) 144 152 147 141 129 137 130 121 105 110 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 17,893 17,224 17,547 18,505 19,118 18,529 18,410 19,962 19,974 20,689 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 25% 19% 20% 25% 22% 19% 20% 24% 25% 21% n.a. n.a. n.a. n.a. n.a. FIXED-LINE Total revenue 43 46 45 46 48 50 57 14 14 15 78 91 129 180 169 Service revenue 43 46 45 46 48 50 57 14 14 15 78 91 129 180 169 Broadband revenue 0 0 0 0 0 0 0 0 0 0 34 42 10 0 0 Customers (mln) 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.5 0.6 0.6 0.7 0.7 Broadband ARPU (USD) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 n.a n.a n.a n.a n.a (in Local Currency millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY20 FY21 FY22 FY23 FY24 Total revenue 79,417 84,452 93,026 96,667 96,397 100,315 106,830 96,347 95,726 103,466 197,775 242,509 293,057 353,562 399,889 Service revenue 76,947 81,780 90,395 92,734 93,996 97,202 103,468 92,180 91,587 96,023 194,071 234,259 282,396 341,856 386,847 EBITDA 41,702 46,820 53,730 49,815 53,294 55,956 50,535 46,582 48,582 51,326 109,373 131,060 147,793 192,067 206,368 EBITDA margin (%) 52.5% 55.4% 57.8% 51.5% 55.3% 55.8% 47.3% 48.3% 50.8% 49.6% 55.3% 54.0% 50.4% 54.3% 51.6% EBIT (Operating profit) 30,560 37,777 42,014 37,892 41,250 43,467 37,184 32,936 29,166 36,089 66,320 83,508 97,851 148,243 154,837 CAPEX 7,143 11,625 14,954 42,205 8,346 13,822 26,975 36,543 12,200 22,518 49,495 57,667 56,766 75,927 85,686 MOBILE Total revenue 52,360 55,412 63,418 63,352 65,393 72,873 74,118 74,401 72,807 75,509 165,489 203,738 212,781 234,543 286,785 Service revenue 52,360 55,412 63,418 63,352 65,393 72,873 74,118 74,401 72,807 75,509 161,873 195,583 210,159 234,543 286,785 Data revenue 36,803.4 39,487.5 47,376.4 47,957.8 49,634.9 50,762.7 51,423.5 51,018.2 54,274.2 55,929.1 82,383 113,045 139,092 171,625 202,839 Subscribers (mln) 10.6 10.8 11.0 11.1 11.2 11.4 11.6 11.6 11.6 11.7 9.5 9.9 10.6 11.1 11.6 ARPU (KZT) 1,819.4 1,936.3 2,147.2 2,167.1 2,176.4 2,236.2 2,223.9 2,211.1 2,199.0 2,281.4 n.a. n.a. n.a. n.a. n.a. MOU (min) 144 152 147 141 129 137 130 121 105 110 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 17,893 17,224 17,547 18,505 19,118 18,529 18,410 19,962 19,974 20,689 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 25% 19% 20% 25% 22% 19% 20% 24% 25% 21% n.a. n.a. n.a. n.a. n.a. FIXED-LINE Total revenue 19,776 20,492 20,437 21,391 21,547 22,466 27,154 7,006 7,309 7,539 32,286 38,771 59,758 82,095 78,172 Service revenue 19,776 20,492 20,437 21,391 21,547 22,466 27,154 7,006 7,309 7,539 32,198 38,676 59,714 82,095 78,172 Broadband revenue n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a 14,572 17,716 4,478 n.a n.a Customers (mln) 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.5 0.6 0.6 0.7 0.7 Broadband ARPU (KZT) n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a Additional KPI's 4G network coverage 88% 88% 89% 89% 89% 90% 90% 92% 92% 92% 76% 81% 87% 89% 92% 4G mobile customer penetration 69% 71% 73% 73% 76% 76% 77% 76% 76% 75% 54% 64% 68% 73% 76% Notes: For definitions please see VEON Ltd.'s trading update published on its website on the date hereof

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Bangladesh index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY20 FY21 FY22 FY23 FY24 Total revenue 138 144 146 141 141 141 123 115 111 117 537 564 576 570 520 Service revenue 136 142 144 140 139 139 122 114 110 115 527 553 566 561 514 EBITDA 50 54 56 53 44 52 50 34 38 88 228 235 210 214 180 EBITDA margin (%) 36.3% 37.8% 38.5% 37.8% 31.2% 37.3% 40.3% 29.8% 33.9% 75.6% 42.4% 41.6% 36.5% 37.6% 34.7% EBIT (Operating profit) (4) (0) 5 43 (7) 3 2 (8) (8) 41 74 57 115 45 -10 CAPEX 30 37 20 18 14 21 17 17 7 6 126 88 196 105 68 MOBILE Total revenue 136 142 143 138 139 137 121 114 109 112 537 564 568 559 511 Service revenue 136 142 143 138 139 137 121 114 109 112 527 553 565 559 511 Data revenue 46.7 50.7 53.0 50.7 47.8 46.6 35.6 34.3 35.2 35.5 133 160 184 201 164 Customers (mln) 38.7 39.1 39.9 40.4 41.0 41.3 37.8 35.8 35.0 34.8 33.2 35.1 37.6 40.4 35.8 ARPU (USD) 1.2 1.2 1.2 1.2 1.1 1.1 1.0 1.0 1.0 1.1 n.a. n.a. n.a. n.a. n.a. MOU (min) 162.4 161.7 156.3 149.2 146.5 145.3 150.8 152.6 148.2 155.9 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 5,166 5,645 5,906 4,971 4,818 4,435 4,565 6,169 6,425 7,605 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 26% 27% 32% 38% 37% 31% 43% 25% 12% 10% n.a. n.a. n.a. n.a. n.a. (in Local Currency billions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY20 FY21 FY22 FY23 FY24 Total revenue 14.6 15.4 15.9 15.6 15.4 16.0 14.5 13.8 13.5 14.2 45.6 47.9 53.7 61.5 59.8 Service revenue 14.4 15.2 15.6 15.4 15.3 15.9 14.4 13.6 13.4 14.0 44.7 47.1 52.8 60.5 59.1 EBITDA 5.3 5.8 6.1 5.9 4.8 6.0 5.9 4.1 4.6 10.7 19.3 20.0 19.6 23.1 20.8 EBITDA margin (%) 36.3% 37.8% 38.5% 37.8% 31.1% 37.3% 40.3% 29.8% 33.9% 75.6% 42.4% 41.6% 36.4% 37.6% 34.7% EBIT (Operating profit) (0.4) (0.0) 0.6 4.8 (0.8) 0.4 0.3 (1.0) (1.0) 5.0 6 5 11 5 -1 CAPEX 3.1 4.0 2.2 2.0 1.6 2.4 2.0 2.0 0.8 0.7 11 8 18 11 8 MOBILE Total revenue 14.4 15.2 15.6 15.2 15.3 15.6 14.3 13.6 13.3 13.6 45.6 47.9 53.0 60.3 58.8 Service revenue 14.4 15.2 15.6 15.2 15.3 15.6 14.3 13.6 13.3 13.6 44.7 47.1 52.7 60.3 58.8 Data revenue 4.9 5.4 5.8 5.6 5.2 5.3 4.2 4.1 4.3 4.3 11.3 13.6 17.3 21.7 18.9 Customers (mln) 38.7 39.1 39.9 40.4 41.0 41.3 37.8 35.8 35.0 34.8 33.2 35.1 37.6 40.4 35.8 ARPU (BDT) 126 130 132 127 125 128 121 123 125 134 n.a. n.a. n.a. n.a. n.a. MOU (min) 162 162 156 149 147 145 151 153 148 156 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 5,166 5,645 5,906 4,971 4,818 4,435 4,565 6,169 6,425 7,605 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 26% 27% 32% 38% 37% 31% 43% 25% 12% 10% n.a. n.a. n.a. n.a. n.a. Additional KPI's 4G network coverage 82% 83% 86% 87% 88% 89% 90% 92% 92% 92% 60% 69% 81% 87% 92% 4G mobile customer penetration (3 Months active) 45% 46% 49% 50% 52% 52% 51% 50% 51% 52% 24% 34% 43% 50% 50% Notes: For definitions please see VEON Ltd.'s trading update published on its website on the date hereof

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Uzbekistan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY20 FY21 FY22 FY23 FY24 Total revenue 63 66 65 75 67 67 70 70 73 75 198 194 233 269 273 Service revenue 63 66 65 74 66 66 70 69 72 74 197 193 233 268 272 EBITDA 28.2 27.3 23.1 33.6 24.5 23.5 25.0 27.5 27.5 28.3 68 89 124 112 100 EBITDA margin (%) 44.5% 41.6% 35.8% 44.8% 36.8% 35.3% 35.7% 39.4% 37.9% 37.9% 34.5% 45.9% 53.4% 41.8% 36.8% EBIT (Operating profit) 25.0 16.1 11.9 24.7 15.1 10.3 11.9 15.5 13.2 14.1 29 53 81 78 53 CAPEX 8 28 8 17 42 17 10 50 9 29 52 36 61 61 119 MOBILE Total revenue 61 62 63 71 64 64 67 65 65 67 196 193 227 257 260 Service revenue 61 62 63 71 64 64 67 65 65 67 196 193 227 257 260 Data revenue 44.5 45.9 48.0 50.1 49.5 49.5 52.8 53.6 46.8 49.7 111.0 122.4 161.1 188.4 205.4 Customers (mln) 8.4 8.6 8.7 8.4 8.2 8.1 8.2 8.3 8.2 7.9 6.8 7.1 8.4 8.4 8.3 ARPU (USD) 2.4 2.4 2.4 2.8 2.6 2.6 2.7 2.6 2.6 2.7 n.a. n.a. n.a. n.a. n.a. MOU (min) 452 471 482 446 443 455 454 443 419 438 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 9,082 9,569 10,249 11,023 11,741 11,558 12,215 13,354 14,389 15,888 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 45% 40% 45% 47% 38% 40% 42% 45% 58% 67% n.a. n.a. n.a. n.a. n.a. FIXED-LINE Total revenue 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.1 0.9 0.8 0.1 0.0 Service revenue 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.1 0.9 0.8 0.1 0.0 (in Local Currency billions, unless stated otherwise, unaudited) CONSOLIDATED 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY20 FY21 FY22 FY23 FY24 Total revenue 720 750 768 921 830 843 886 896 939 958 1,985 2,057 2,575 3,158 3,454 Service revenue 720 749 768 909 828 841 882 890 934 951 1,978 2,053 2,572 3,146 3,441 EBITDA 320 312 275 412 305 298 316 352 355 363 680 944 1,372 1,319 1,271 EBITDA margin (%) 44.5% 41.6% 35.8% 44.8% 36.8% 35.3% 35.7% 39.3% 37.9% 37.9% 34.2% 45.9% 53.3% 41.8% 36.8% EBIT (Operating profit) 283.5 183.6 142.4 302.7 188.2 130.2 150.2 199.1 170.6 181.5 285 559 889 912 668 CAPEX 87 326 96 208 527 212 131 644 115 366 529 379 681 718 1,514 MOBILE Total revenue 696 713 748 866 798 808 849 839 837 856 1,970 2,044 2,511 3,024 3,294 Service revenue 696 713 748 866 798 808 849 839 837 856 1,967 2,043 2,511 3,024 3,294 Data revenue 504.4 524.8 569.8 615.1 617.0 626.9 668.5 687.5 605.3 638.3 1,114 1,299 1,780 2,214 2,600 Customers (mln) 8.4 8.6 8.7 8.4 8.2 8.1 8.2 8.3 8.2 7.9 6.8 7.1 8.4 8.4 8.3 ARPU (UZS) 27,304 27,953 28,602 33,777 31,889 32,813 34,500 33,796 33,676 35,221 n.a. n.a. n.a. n.a. n.a. MOU (min) 452 471 482 446 443 455 454 443 419 438 n.a. n.a. n.a. n.a. n.a. Data usage (Mb/user) 9,082 9,569 10,249 11,023 11,741 11,558 12,215 13,354 14,389 15,888 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base, annualised (%) 45% 40% 45% 47% 38% 40% 42% 45% 58% 67% n.a. n.a. n.a. n.a. n.a. FIXED-LINE Total revenue 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 9 8 1 0 Service revenue 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 9 8 1 0 Additional KPI's 4G network coverage 78% 78% 85% 85% 86% 88% 89% 89% 89% 90% 52% 62% 78% 85% 89% 4G mobile customer penetration (3 Months active) 68% 69% 71% 73% 74% 74% 74% 74% 74% 74% 46% 61% 66% 73% 74% Notes: For definitions please see VEON Ltd.'s trading update published on its website on the date hereof

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