Tax

Jat

• ANOTHER BILLION-DOLLAR QUARTER

• DIGITAL DRIVES GROWTH

THIRD QUARTER 2024 TRADING UPDATE

Trading update
Q3 2024

3Q 2024 HIGHLIGHTS

USD TOTAL REVENUE USD TELECOM AND INFRA REVENUE

1,038 +9.8% YoY 916 +7.2% YoY
million +14.1% YoY in local currency million +12.2% YoY in local currency

USD DIRECT DIGITAL REVENUE USD EBITDA

121 +35.1% YoY
438 -1.5% YoY
million million +3.5% YoY in local currency
+32.6% YoY in local currency

USD CAPEX USD LTM EQUITY FREE

198 +51.2% YoY 421 CASHFLOW
million LTM capex intensity 19.2% million +22.2% YoY

USD TOTAL CASH AND CASH USD GROSS DEBT

1,019 EQUIVALENTS 3,991 USD 335 million lower YoY
million USD 453 million at HQ billion

USD NET DEBT EXCLUDING NET DEBT EXCL. LEASES /

2,100 LEASES 1.52x EBITDA*
billion

4G USERS TOTAL DIGITAL MONTHLY

99.9 103 ACTIVE USERS
million +7.7% YoY million +9.7% YoY
64.8% penetration
Across all VEON digital services and
platforms

Note: Cash and cash equivalents include USD 143 million relating to banking operations in Pakistan. This amount is however excluded for calculation of net debt. VEON also
holds long-term sovereign bonds of USD 211 million as of 30 September 2024.
* Denotes last-twelve-months (LTM) EBITDA

2
 Trading update
Q3 2024

Amsterdam and Dubai, 14 November 2024 7:00AM CET – VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global
digital operator that provides converged connectivity and online services, announces selected unaudited financial and
operating results for the third quarter and nine months ended 30 September 2024.

In 3Q24 VEON demonstrated robust growth, reporting an increase in revenues both in reported and local currencies. Total
revenues reached USD 1,038 million, an increase of 9.8% YoY in reported currency (+14.1% YoY in local currency). EBITDA
reached USD 438 million and represented a 1.5% YoY decrease in reported currency terms (+3.5% YoY in local currency). This
quarter's EBITDA was primarily impacted by identified items, including operational pressures in Bangladesh and restructuring
costs.

Capex in 3Q24 was USD 198 million, an increase of 51.2% YoY. LTM capex increased 16.3% YoY, with LTM capex intensity of
19.2% (+1.5 p.p. YoY). Total cash and cash equivalents as of 30 September 2024 amounted to USD 1,019 million (including USD
143 million related to banking operations in Pakistan and excluding USD 211 million in Ukrainian sovereign bonds that are
classified as investments) with USD 453 million held at the HQ level.

Blended weighted average inflation rates in the countries we operate in declined from 16.5% in Q3 2023, to 8.2% in Q3 2024,
a reduction of 830 basis points. We are encouraged to see revenue growth exceeding average inflation levels in our markets.

For the full year we now expect total revenue growth of 8%-10% YoY and EBITDA growth of 4%-6% YoY in USD terms, assuming
current FX rates. We are revising our prior local currency guidance, given the above considerations, to 12%-14% YoY growth
for total revenue, and 9%-11% YoY growth for EBITDA, in local currency terms.

Underlying growth in local currency, excluding identified items, is expected to be 15%-16% YoY growth in revenue, and 10-11%
YoY growth in EBITDA. This marks a change from our previous guidance of 16-18% growth for revenue, and 18-20% growth in
EBITDA for 2024 in local currency terms which was normalised for the Ukrainian cyberattack. In addition to deceleration in
blended inflation rates across VEON’s operating markets, our new local currency guidance also reflects the business impact of
civil unrest in Bangladesh and the sale of the TNS+ infrastructure asset in Kazakhstan.

Kaan Terzioğlu commented on the results:

“ I am pleased to report a 14% YoY increase in revenue in local currency terms, exceeding the 8% blended inflation across our markets. Despite
the impact of the civil unrest in Bangladesh, the sale of the TNS+ infrastructure asset in Kazakhstan, and with current currency levels in mind,
we expect to finish the year with solid revenue growth of 8 to 10% in USD terms.

This achievement highlights our rapid expansion and innovation, supported by 8 million new 4G subscribers and 103 million digital service
users. Direct digital revenues, now comprising 12% of our total revenue for the quarter, grew by 35% year-over-year. These gains, stemming
from digital financial services, entertainment, healthcare, advertising, and super-apps, are not only enhancing user engagement and retention
but also significantly boosting our ARPU and contributing directly to our top-line growth through diverse streams like interest income,
advertising revenues, subscription services, platform commissions, and pay-per-view revenues.

Looking forward, I am enthusiastic about the future as we continue to drive growth and enrich customer experiences through advanced digital

“
offerings and cutting-edge technologies like augmented intelligence. This approach not only cements our position at the forefront of the digital
revolution but also ensures sustained growth and success in rapidly evolving frontier markets.

VEON Group YoY YoY YoY YoY

3Q24 3Q23 9M24 9M23
USD, million Reported LCY Reported LCY
Total revenue, of which: 1,038 945 9.8% 14.1% 3,006 2,745 9.5% 13.6%
Telecom and infrastructure revenue 916 855 7.2% 12.2% 2,673 2,506 6.7% 11.1%
Direct digital revenue 121 90 35.1% 32.6% 334 239 39.5% 40.4%
EBITDA 438 444 (1.5%) 3.5% 1,283 1,245 3.0% 7.4%
Capex 198 131 51.2% 504 393 28.3%
LTM capex intensity 19.2% 17.8% 1.5p.p.
Equity Free Cash Flow 142 179 (20.3%) 309 301 2.8%
Cash and cash equivalents 1,019 2,249 (54.7%)
Cash and cash equivalents at HQ level 453 1,753 (74.1%)
Net debt 3,114 2,135 45.9%
Net debt, excluding leases 2,100 1,272 65.1%
Customers (millions)
Mobile customers 154.2 156.1 (1.2%)
Digital MAU 102.9 93.8 9.7%
Fixed-line customers 1.8 1.8 1.4%
Operational metrics
4G users (millions) 99.9 92.8 7.7%
4G user penetration 64.8% 59.4% 5.4p.p.
Note: Cash and cash equivalents includes USD 143 million relating to banking operations in Pakistan. This amount is however excluded for calculation of net debt. VEON also
holds long-term USD denominated domestic Ukrainian sovereign bonds of USD 211 million as of 30 September 2024.

3
 CONTENTS

3Q24 GROUP PERFORMANCE 5

KEY RECENT DEVELOPMENTS 8

LIQUIDITY AND CAPITAL STRUCTURE 10

COUNTRY PERFORMANCE 12

CONFERENCE CALL INFORMATION 18

PRESENTATION OF FINANCIAL RESULTS AND NONRECURRING ITEMS 19

DISCLAIMER AND NOTICE TO READERS 20

ATTACHMENTS 23
Trading update
Q3 2024

3Q24 GROUP PERFORMANCE

IGHLIGHTS:

VEON delivered 9.8% YoY reported currency growth In 3Q24, Group EBITDA decreased by 1.5% YoY in
in revenues and 14.1% YoY local currency growth in reported currency and increased by 3.5% in local currency
revenues in 3Q24. terms, with Group EBITDA margin of 42.2% (-4.9 p.p.
VEON operations maintained strong Group revenue YoY). Group EBITDA YoY growth was impacted by identified
growth of 9.8% YoY in reported currency from 6.6% in items such as HQ restructuring costs, and weaker
1Q24 and 12.1% in 2Q24, driven by Pakistan and operational performance in Bangladesh resulting from
Kazakhstan. political volatility.

Pakistan achieved strong growth in both local and In 3Q24, the Group reported 154.2 million mobile
reported currency, while other operating companies subscribers (-1.2% YoY). The Group’s 4G user base grew
experienced FX headwinds ranging from -5% in by 7.7% YoY, reaching 99.9 million, with 7.1 million 4G
Kazakhstan, to -6% in Uzbekistan, -9% in Bangladesh and users added over the last 12 months. As of the end of
-13% in Ukraine. All operating companies, except 3Q24, 4G users now account for 64.8% of our total
Bangladesh, recorded YoY growth in local currency, with subscriber base, increasing by 5.4 p.p. from a year earlier,
all other operating companies achieving strong double- further supporting the conversion of our subscribers into
digit growth in local currency. multiplay users who use at least one of our digital
platforms and services in addition to 4G data and voice.
3Q24 YoY Reported LCY
VEON has been actively progressing with its Digital
Total revenue 9.8% 14.1% Operator strategy, "DO1440," initiated in 2021 by
developing and expanding its portfolio of digital
Ukraine 4.8% 17.9%
applications and services, and customizing them to meet
Pakistan 28.5% 22.6%
the specific needs of each market it operates in. VEON
Kazakhstan 9.3% 14.8%
Bangladesh (15.7%) (8.4%)
aims to deliver digital engagement for every minute of the
Uzbekistan 8.3% 15.2% day through services powered by our 4G network across
our key adjacent markets, spanning areas including
Telecom and infrastructure revenues of USD 916 financial services, digital entertainment, digital health,
million during 3Q24 increased by 7.2% YoY in reported digital learning, business-to-business solutions and
currency and rose by 12.2% YoY in local currency. industrial applications, as well as providing locally relevant
In 3Q24, direct digital revenues reached USD 121 digital experiences. The total number of monthly active
million, growing by 35% YoY in reported currency, and by users (“MAUs”) of VEON’s digital services amounted to 103
33% YoY in local currency terms. In the third quarter of million for September 2024, driving greater digital and
2024, direct digital revenues accounted for 12% of our financial inclusion.
total revenue, up from 11% in the second quarter of 2024. Our multiplay B2C customers (those who make use of
at least one of our digital services on top of our voice and

5
Trading update
Q3 2024

4G data services) increased by 16% YoY to 34.7 million, with total revenue increasing 17.9% YoY in local currency
representing 28% of the user base and supported 26% (4.8% YoY in reported currency). Kyivstar’s 4G customer
YoY growth in multiplay revenues (+31% YoY in local base grew 4.3% YoY, with data usage rising 16.1% YoY per
currency) accounting for 51% of VEON’s B2C revenues. user. EBITDA increased by 6.9% YoY in local currency
terms (-5.0% YoY in reported currency) despite ongoing
Multiplay B2C customer ARPU is 4.1x higher, and churn is
operational and network cost pressures in 3Q24, including
2.1x lower than for voice-only B2C customers. Excluding
increased electricity and fuel costs in addition to
Bangladesh, Multiplay ARPU levels in each of our operating
continued charitable donations and staff support
companies increased at rates ranging from 8% to 17% YoY
programs.
in local currency terms in 3Q24.
In Pakistan, total revenues rose 22.6% YoY in local
The Group's digital operators leverage digital
currency (+28.5% YoY in reported currency), a strong
entertainment applications to cater to the growing
result supported by an improving macroeconomic
demand for locally relevant content in their markets,
backdrop. Jazz grew its 4G users (+14.5% YoY), ARPU
ensuring it is delivered with an enhanced digital
(+6.9% YoY) and data usage (+12.2% YoY) in 3Q24. EBITDA
experience. These applications support not only local
increased by 14.7% YoY in local currency terms (+20.2%
content creators but also increasingly provide viable
YoY in reported currency). Robust growth in service
avenues for advertisers who want to reach the young and
revenues and EBITDA for both JazzCash and Mobilink
digitally savvy audiences of the Group’s digital applications.
Microfinance Bank contributed meaningfully to Pakistan’s
Our media streaming services, including Toffee in growth.
Bangladesh and Tamasha in Pakistan, remain an
In Kazakhstan, total revenues increased 14.8% YoY in
important part of our overall digital strategy in our
local currency terms (+9.3% YoY in reported currency).
multiplay customer base. Toffee MAUs declined to 6.1
This was driven by the further expansion of our mobile
million (-49% YoY) due to the high base from the Asia Cup
customer base (+5.9% YoY), in addition to 4G user growth
in 3Q23, linear TV broadcast restrictions and civil unrest
(+11.8% YoY) and increased data usage (+4.9% YoY) that
over the quarter. During this quarter, Tamasha in Pakistan
supported ARPU expansion (+3.6% YoY). EBITDA
recorded 10.6 million MAUs, declining 27% year-over-year.
decreased by 5.9% YoY in local currency terms (-10.2% YoY
This decrease primarily stemmed from the seasonal
in reported currency).
variations in cricket content availability throughout the
quarter. In Bangladesh, Banglalink’s revenues decreased 8.4%
YoY in local currency (-15.7% YoY in reported currency).
Our digital financial services business in Pakistan,
The decline in revenue was due to political volatility, new
JazzCash, reported 19.2 million MAUs (+25% YoY) and
taxes, depreciation of the Bangladeshi taka (c.8.6% YoY),
increased its 12-month total transaction volume by 64%
and partially due to a decline of its subscriber base. The
YoY.
operator’s 4G users declined by a moderate 1.4% YoY
In 3Q24, Group capex was USD 198.1 million (+51.2% despite the challenging consumer environment.
YoY) with capex intensity for the last twelve months of Banglalink’s mobile subscriber base declined -5.4% YoY,
19.2% (+1.5 p.p. YoY). while ARPU declined by -8.0% YoY. In 3Q24, EBITDA for
Banglalink decreased by 4.0% YoY in local currency (-
The Group closed the third quarter of 2024 with total
11.6% YoY in reported currency) which is lower than
cash and cash equivalents of USD 1.019 million, (an
topline revenue declines due to effective cost control
increase from USD 862 million at June 2024), with USD 453
measures (despite higher SIM tax, electricity tariffs, and
million at the HQ level (an increase from USD 376 million
other costs related to network expansion). As reported in
at June 2024).
our 20-F for the year ended 31 December 2023,
In Ukraine, the team continued to focus on keeping the preliminary analysis suggests that we may incur a
country connected and committed to rebuilding Ukraine’s substantial impairment charge to the carrying value of the
digital infrastructure. Nearly 100% of our radio network is Bangladesh Cash Generating Unit for the period ended 30
operational across all territories controlled by Ukraine at September 2024. Final results of the analysis are expected
the end of the quarter. Kyivstar delivered robust local to be published in our interim unaudited consolidated
currency growth due to inflationary pricing adjustments,

6
Trading update
Q3 2024

condensed financial statements for the period ended 30

September 2024.

In Uzbekistan, total revenues increased by 15.2% YoY in

local currency (+8.3% YoY in reported currency due to a
6.4% depreciation of the Uzbekistan som YoY),
representing the thirteenth consecutive quarter of
double-digit YoY revenue growth. This was driven by
higher 4G penetration, with 4G users now accounting for
74% of total customers, and robust growth in ARPU
(+20.6%) and data usage (+19.2%). EBITDA increased by
15.0% YoY in local currency (+8.0% YoY in reported
currency) in 3Q24.

In 3Q24, VEON Group’s revenue and EBITDA YoY

growth performance was impacted by operational
headwinds in Bangladesh and identified items
(c.USD 17 million revenue impact and c.USD 36
million EBITDA impact). Adjusted for this impact, in
the first nine months of 2024, Group revenues
increased by 16.0% YoY in local currency and EBITDA
increased by 9.8% YoY in local currency.

We now expect FY 2024 growth rates of 12%-14% YoY

for total revenue; and 9%-11% YoY for EBITDA in
local currency terms. In USD terms, we now expect
total revenue growth of 8%-10% YoY and EBITDA
growth of 4%-6% YoY in FY 20241. This takes into
account a deceleration in blended inflation rates
across VEON’s operating markets (down from 17% in
Q3 2023, to 8% in Q3 2024), civil unrest in Bangladesh
which disrupted operations, and the sale of the
TNS+ asset in Kazakhstan. This marks a change from
prior guidance of 16-18% growth in revenue, and 18-
20% growth in EBITDA for 2024 in local currency
terms which was normalised for the Ukrainian
cyberattack.

1
USD expectations are based on no significant local
currency volatility in Q4 2024.

7
 KEY RECENT DEVELOPMENTS
IGHLIGHTS:

VEON announces Special General Meeting for the of to deposit their Common Shares with the Company’s
the 2023 Audited Financials depositary, The Bank of New York Mellon, in exchange for
On 11 November 2024, VEON announced that the Board delivery of ADSs. On or before the 22 November 2024,
of Directors will convene a special general meeting of its shareholders that do not hold a number of Common
shareholders on December 12, 2024 solely for the purpose Shares corresponding to a multiple of 25 can sell or
of laying the audited financial statements for the period purchase Common Shares so that they hold a number of
ending December 31, 2023 before shareholders as Common Shares that is a precise multiple of 25, allowing
required by the Company’s bye-laws and applicable for the issue of the corresponding number of ADSs.
Bermuda law.
VEON regains full compliance following 2023 20-F
VEON files its Dutch Annual Report with audited filing and appoints 2024 auditor
financial statements for year ended 31 December On 17 October 2024, VEON announced that the Company
2023 filed its Annual Report on Form 20-F for the year ended 31
On 1 November 2024, VEON announced that it has filed its December 2023 (the "2023 Form 20-F") with the U.S.
2023 Dutch Annual Report, including audited consolidated Securities and Exchange Commission at www.sec.gov
financial statements for the year ended 31 December 2023 following the completion of the audit of its 2023 financial
prepared in accordance with International Financial statements by its independent auditor UHY LLP according
Reporting Standards as adopted by the European Union to PCAOB audit standards.
and with Part 9 of Book 2 of the Dutch Civil Code (the On 21 October 2024, VEON announced that following the
“Statutory Financial Statements”), with the Dutch Authority filing of the 2023 Form 20-F on 17 October 2024, it has
for the Financial Markets (“AFM”). received confirmation from the Nasdaq Stock Market that
VEON is now compliant with the Nasdaq listing
VEON commences its delisting from Euronext requirements. The Listing Qualifications Department of
Amsterdam to consolidate its trading on Nasdaq Nasdaq had previously granted an exception to the
New York Company to remediate the delayed filing of its 2023 Form
On 21 October 2024, VEON announced that it has 20-F by 11 November 2024 – a condition which the
commenced the process for the delisting of its common Company has met by filing its 2023 Form 20-F filing on 17
shares (the “Common Shares”) from trading on Euronext October 2024.
Amsterdam, following the approval of Euronext On 13 November 2024, VEON announced that the VEON
Amsterdam. The Company’s last day of trading on Board of Directors re-appointed UHY LLP as the
Euronext Amsterdam will be 22 November 2024 and the Company’s independent registered public accounting firm
delisting will be effective from 25 November 2024. With this for the audit of the Group's consolidated financial
move, VEON will consolidate the trading of its shares on statements for the year ended 31 December 2024 in
the Nasdaq Capital Market, which will be the platform for accordance with the standards established by the Public
the trading of VEON’s American depositary shares (the Company Accounting Oversight Board, United States (the
“ADSs”), each representing 25 Common Shares. The "PCAOB Audit").
Company is also providing an opportunity for shareholders
Trading update
Q3 2024

VEON appoints Andrey Pyatakhin as the incoming VEON bonds to re-enter CEMBI and JACI indices
CEO of Beeline Uzbekistan On 27 September 2024, VEON announced that the VEON
On 14 October 2024, VEON announced that Andrey Holdings B.V. notes due November 2027 were expected to
Pyatakhin has been appointed as the incoming CEO of be included and at the end of September 2024 were
Beeline Uzbekistan following a decision by current Beeline included in the J.P. Morgan EM Corporate Indices (CEMBI,
Uzbekistan CEO Andrzej Malinowski to step down by the JACI and JSEG).
end of November 2024. The CEMBI index was launched by J.P. Morgan in 2007 and
Andrey Pyatakhin, joined the Group in 2001. In his more is a benchmark index that tracks US-dollar denominated
than 20 years with the Group, Andrey has served in various corporate bonds issued by emerging market companies. It
capacities, including as the CEO of Beeline Georgia, CEO of consists of a liquid basket of corporate bond issues from
Beeline Armenia and most recently as the CEO of Beeline emerging markets, typically made up of around 80 bonds
Kyrgyzstan. from 60 issuers and 16 countries. The J.P. Morgan Asia
Credit Index (JACI) is an all-inclusive benchmark that tracks
VEON announces plan to move its headquarters to liquid, US-dollar denominated debt instruments issued out
Dubai International Financial Center of the Asia ex-Japan region.
On 14 October 2024, VEON announced that its Board of
Directors has approved a plan to move the Group VEON General Counsel Omiyinka Doris named
headquarters from Amsterdam to Dubai, United Arab among Top 15 In-House Legal Leaders by the
Emirates, where VEON’s expanding operational hub has Financial Times
been located since early 2022. On 13 September 2024, VEON announced that Omiyinka
With the move of its headquarters to its hub in the Dubai Doris, the Group General Counsel, was named by the
International Financial Centre, the Group will become the Financial Times (FT) as one of the world’s top 15 in-house
largest Nasdaq-listed company with its Group legal leaders in FT’s annual list.
headquarters in Dubai, which is also home to Nasdaq The FT annual list of the world’s top company lawyers
Dubai. highlights the achievements of senior in-house lawyers
who have excelled at responding to changing demands
VEON completes the sale of its stake in TNS+ in line and needs within their respective sectors and navigating
with asset-light strategy geopolitical complexities.
On 30 September 2024, VEON announced that it has
completed the sale of its 49% stake in Kazakh wholesale VEON announces vesting of conditional award to
telecommunications infrastructure services provider, TNS Group CEO Kaan Terzioglu
Plus LLP (“TNS+”), to its JV partner, the DAR group of On 12 September 2024, VEON announced the vesting of a
companies, following the receipt of necessary regulatory conditional incentive award (the “Conditional Award”) to its
approvals. Group CEO, Kaan Terzioglu. This Conditional Award was
The sale was completed on 30 September 2024 for a total made under VEON's 2021 Long Term Incentive Plan
deferred consideration to VEON of USD 137.5 million. (“LTIP”). VEON and Mr. Terzioglu agreed to amend the
Following the sale, Beeline Kazakhstan will continue to offer terms of the Conditional Award to provide a structured
an exceptional customer experience, with business settlement, which includes a gross cash payment of USD
continuity secured by long-term commercial contracts with 500,000 made in August 2024, and a transfer of 2,729,000
TNS+ to continue providing its critical infrastructure to common shares (equivalent to 109,160 ADSs) to be
Beeline Kazakhstan. completed by no later than 31 August 2025.

VEON strengthens group leadership team adding VEON discloses its unaudited interim condensed
two senior executives consolidated financial statements for the six-month
On 30 September 2024, VEON announced the period ended 30 June 2024 and publishes its interim
appointment of two new senior executives to its Group report for the same period
Leadership Team. Anand Ramachandran, who joins VEON On 30 August 2024, VEON disclosed its unaudited interim
as the Chief of Staff, and Inanc Cakiroglu, who joins as the condensed consolidated financial statements for the six-
Group Chief Information Officer, will both report to Group month period ended 30 June, 2024 for VEON Ltd. and its
CEO Kaan Terzioglu. wholly-owned subsidiary, VEON Holdings B.V., and
published its interim report for VEON Ltd. for the same
period.

9
Trading update
Q3 2024

LIQUIDITY AND
CAPITAL STRUCTURE

KEY DATA
USD million 30 Sep 2024 30 Jun 2024 QoQ 30 Sep 2023 YoY

Cash and cash equivalents 1,019 862 18% 2,249 (55%)

Marketable securities 211 215 (1.9%)
Gross debt, of which 3,991 3,961 0.8% 4,326 (7.7%)
Bonds and loans - principal 2,896 2,774 4.4% 3,462 (16.4%)
Lease liabilities - principal 1,014 1,011 0.3% 863 17.4%
Long-term accounts payable and other 81 176 (54.0%)
Net debt 3,114 3,237 (3.8%) 2,135 45.9%
Net debt / LTM EBITDA 1.89x 1.95x 1.25x
Net debt excluding leases 2,100 2,226 (5.7%) 1,272 65.1%
Net debt excluding leases / LTM EBITDA 1.52x 1.59x 0.85x

Note: Certain comparative amounts have been reclassified to conform to the current period presentation. ‘Cash and cash
equivalents includes USD 143 million relating to banking operations in Pakistan. This amount is however excluded for calculation of
net debt and net debt / LTM EBITDA ratios. ‘Long-term accounts payable and other’ relates to arrangements with vendors for
financing network equipment.

Total cash and cash equivalents increased in the Q3 2024 to approximately USD 1,019 million compared to Q2
2024 (USD 862 million). Of this, USD 453 million in cash and cash equivalents is held by VEON’s HQ in Amsterdam.
The HQ-level cash and cash equivalents are held in bank accounts, money market funds and on-demand deposits at
a diversified group of international banks. During the first nine months of 2024, operating companies upstreamed
USD 396 million in dividends (after withholding tax).

In addition to the USD 1,019 million in cash and cash equivalents, VEON also holds USD denominated domestic
Ukrainian sovereign bonds of USD 211 million (classified as investments) as of 30 September 2024 with tenors greater
than 3 months.

Gross debt increased by USD 30 million to USD 3,991 million in the third quarter of 2024, mainly as a result of new
debt in Pakistan and Kazakhstan, partially offset in July 2024 by USD$72million equivalent of VEON Holdings bonds
which were transferred to VEON Holdings’ wholly owned subsidiary upon the receipt of an OFAC license to settle the
remaining deferred purchase consideration for PJSC VimpelCom.

Lease liabilities remained stable at USD 1,014 million at the end of 3Q24 (USD 1,011 million in 2Q24).

Net debt decreased to USD 3.1 billion at the end of 3Q24 (USD 3.2 billion at the end of 2Q24) and Net debt
excluding leases decreased to USD 2.1 billion (USD 2.2 billion at the end of 2Q24) due to lower new borrowings

10
Trading update
Q3 2024

compared to the net cash added to the cash balance during the quarter. This resulted in lower net debt/EBITDA and
net debt excluding leases/EBITDA ratios of 1.89x and 1.52x, respectively.
Debt maturities at HQ level, USD million equivalent, million

Year Debt at HQ level (Bonds)

2024 -
2025 593
Beyond 2025 1,083

Note: the amounts exclude accrued interest costs. As of 30 September 2024, HQ debt presented above includes an equivalent of
USD 112 million of legacy bonds for which no further payments are due and that are subject to a potential exchange into new notes
if eligible investors come forward.

VEON HQ does not have any debt maturities until April 2025.

11
Trading update
Q3 2024

COUNTRY PERFORMANCE

KEY FIGURES BY COUNTRIES

YoY YoY
USD million 3Q24 3Q23 YoY LCY 9M24 9M23 YoY LCY
reported reported

Total revenue 1,038 945 9.8% 14.1% 3,006 2,745 9.5% 13.6%

Ukraine 250 238 4.8% 17.9% 674 702 (4.0%) 4.7%

Pakistan 359 279 28.5% 22.6% 1,026 820 25.2% 25.0%
Kazakhstan 224 204 9.3% 14.8% 662 567 16.6% 18.2%
Bangladesh 123 146 (15.7%) (8.4%) 404 428 (5.5%) 0.2%
Uzbekistan 70 65 8.3% 15.2% 203 194 4.9% 14.3%
Kyrgyzstan (asset held for sale) 15 15 (0.2%) (3.9%) 42 41 2.7% 2.6%
HQ and eliminations (2) (2) 28.6% (5) (7) 30.1%

Service revenue 1,000 918 8.9% 13.4% 2,890 2,661 8.6% 12.8%

Ukraine 247 236 4.6% 17.7% 666 697 (4.4%) 4.3%

Pakistan 332 263 26.4% 20.6% 942 765 23.1% 22.9%
Kazakhstan 217 199 8.9% 14.5% 642 550 16.8% 18.3%
Bangladesh 122 144 (15.3%) (8.0%) 400 421 (5.0%) 0.8%
Uzbekistan 70 65 7.9% 14.8% 202 194 4.6% 14.0%
Kyrgyzstan (asset held for sale) 14 15 (1.9%) (5.5%) 42 41 1.9% 1.9%
HQ and eliminations (2) (2) 30.2% (5) (7) 29.4%

EBITDA 438 444 (1.5%) 3.5% 1,283 1,245 3.0% 7.4%

Ukraine 144 152 (5.0%) 6.9% 379 425 (10.9%) (2.6%)

Pakistan 149 124 20.2% 14.7% 450 373 20.4% 20.2%
Kazakhstan 106 118 (10.2%) (5.9%) 349 314 11.2% 12.3%
Bangladesh 50 56 (11.6%) (4.0%) 146 161 (9.2%) (3.4%)
Uzbekistan 25 23 8.0% 15.0% 73 79 (7.2%) 1.3%
Kyrgyzstan (asset held for sale) 5 6 (21.9%) (24.7%) 14 16 (13.0%) (13.0%)
HQ and eliminations (40) (34) (18.4%) (128) (123) (3.7%)

EBITDA margin 42.2% 47.0% (4.9p.p.) 42.7% 45.4% (2.7p.p.)

12
Trading update
Q3 2024

UKRAINE
Proven resilience and return to growth

UAH million 3Q24 3Q23 YoY 9M24 9M23 YoY Kyivstar’s mobile customer base was down 3.3% YoY as the
Total revenue 10,267 8,711 17.9% 26,861 25,667 4.7% number of Ukrainians living outside of Ukraine continues to
Service revenue 10,163 8,637 17.7% 26,571 25,480 4.3% impact the subscriber base.
EBITDA 5,924 5,542 6.9% 15,136 15,547 (2.6%)
With an enhanced focus on VEON’s DO1440 strategy,
EBITDA margin 57.7% 63.6% (5.9p.p.) 56.4% 60.6% (4.2p.p.)
Capex 2,625 1,616 62.5% 5,973 3,791 57.5% Kyivstar supported access to key services including digital
Capex intensity 24.6% 18.4% 6.1p.p. healthcare and information and entertainment services.
Customers Kyivstar’s multiplay customers increased by 46.7% YoY.
Mobile (mln) 23.3 24.1 (3.3%)
Digital MAU (mln) 9.0 7.1 26.5%
Helsi Ukraine, the country’s largest digital healthcare
Broadband (mln) 1.1 1.1 (1.8%) platform, continues to power digital medicine in Ukraine,
Mobile metrics with more than 28 million registered patients (+8.4% YoY)
Total revenue 9,384 8,128 15.5% 24,573 23,843 3.1%
having access to nearly 1,600 active healthcare institutions
Service revenue 9,384 8,128 15.5% 24,573 23,843 3.1%
(+10.1% YoY) and more than 39,000 specialists active on the
Data revenue 5,971 4,976 20.0% 15,240 14,463 5.4%
Data users (mln) 17.7 19.5 (9.2%) platform (+11.6% YoY) as of 30 September 2024. Helsi
4G users (mln) 15.3 14.6 4.3% mobile app downloads reached 8.8 million at the end of the
4G Penetration 65.4% 60.7% 4.8p.p. quarter, helping our clients to book 2.2 million appointments
ARPU (UAH) 134 112 20.2%
through the platform during the reporting period (+20.3%
MOU (min) 300 311 (3.4%)
Data usage (GB/user) 10.9 9.4 16.1%
YoY). A recently launched new service has provided more
Total digital revenue 232 45 410.0% 594 290 104.8% than 60,000 analysis interpretations from the most popular
Total fixed-line revenue 546 464 17.8% 1,410 1,350 4.5% laboratory chains in Ukraine to nearly 33,000 customers,
showing high potential for further development.
Kyivstar's revenues and EBITDA in the third quarter of
2024 saw strong growth ensuring business resilience The media streaming service, Kyivstar TV closed the
and continuity, despite several challenges including quarter with a 42.5% YoY increase in MAUs. Kyivstar TV made
significant strides by exclusively adding Amazon movies and
energy blackouts. Kyivstar supports Ukraine’s
TV series with Ukrainian dubbing to the platform and
recovery and reconstruction to meet the vital
continues to exclusively broadcast wrestling in Ukraine. The
connectivity needs of the country and serve the
platform's features, such as content downloading and multi-
population with digital capabilities, as well as
profile and personalized viewing recommendations, are
futureproofing our network with OpenRAN gaining popularity, significantly enhancing its user
partnerships. experience and engagement.
In 3Q24, total revenues increased by 17.9% YoY in local In 3Q24, capex was 62.5% higher YoY (LTM capex intensity
currency, with service revenues higher by 17.7% YoY in local of 24.6% increasing +6.1p.p. YoY) due to additional
currency, due to an expansion in ARPU (+20.2%). This growth investment into resilient connectivity for Ukraine and further
was bolstered by inflationary price adjustments, an uptick in 4G development. Kyivstar has already deployed over 2,300
4G penetration and an increase in customers opting for generators and 124,000 four-hour duration batteries at
Kyivstar’s data and digital offerings resulting in higher mobile base stations to provide backup power during blackouts to
data consumption. enable service continuity during the extended blackouts
EBITDA saw a YoY increase of 6.9% in local currency, caused by attacks on Ukraine’s energy infrastructure. In line
resulting in an EBITDA margin of 57.7% for the third quarter with its “4G everywhere” strategy, Kyivstar installed over 300
of 2024. This improvement was primarily due to higher 4G base stations in 3Q24.
mobile data revenues supported by the diligent Kyivstar maintained nearly 100% operational uptime of its
implementation of cost control measures, despite ongoing radio network across all territories controlled by Ukraine at
operational and network cost pressures in 3Q24, including the end of September 2024.
increased electricity and fuel costs in addition to continued
charitable donations and staff support programs.
Kyivstar’s 4G user base reached 15.3 million (+4.3% YoY),
and now accounts for 65.4% of the total customer base
(+4.8p.p. YoY). The growth in 4G users, together with new
customer value propositions, including new promotions and
bundle offers, supported 16.1% YoY growth in data usage.

13
Trading update
Q3 2024

PAKISTAN
Strong double-digit revenue and EBITDA YoY growth

PKR million 3Q24 3Q23 YoY 9M24 9M23 YoY In 3Q24, multiplay customers accounted for 30.4% of the
Total revenue 99,930 81,538 22.6% 286,050 228,829 25.0% monthly active consumer base. With 3.5x the ARPU of
Service revenue 92,507 76,727 20.6% 262,494 213,644 22.9% voice-only users, Jazz’s multiplay customers generated
EBITDA 41,380 36,071 14.7% 125,275 104,219 20.2% 58.8% of the operator’s revenues in the B2C segment
EBITDA margin 41.4% 44.2% (2.8p.p.) 43.8% 45.5% (1.7p.p.)
(+10.4 p.p. YoY).
Capex 13,442 6,753 99.0% 33,241 20,595 61.4%
Capex intensity 13.4% 13.5% (0.1p.p.) In 3Q24, JazzCash had 19.2 million MAUs and issued over
Customers 118,000 digital loans to its customers daily (+111% YoY)
Mobile (mln) 71.6 70.5 1.6%
during 3Q24. Total revenue grew 85.5% YoY driven by LTM
Digital MAU (mln) 59.8 51.6 15.9%
Mobile metrics
Gross Transaction Value of PKR 8.4 trillion in 3Q24, a 59.4%
Total revenue 70,263 63,957 9.9% 204,817 182,942 12.0% YoY increase as well as 2.5x YoY increase in revenue from
Service revenue 70,263 63,957 9.9% 204,817 182,942 12.0% digital lending. This was supported by continued expansion
Data revenue 37,977 32,282 17.6% 110,644 91,295 21.2% of its retail distribution network, reaching nearly 296,000
Data users (mln) 57.3 53.5 7.1%
active merchants (+40.8% YoY) and by healthy growth of its
4G users (mln) 49.4 43.2 14.5%
4G penetration 69.1% 61.2% 7.8p.p.
agent base with almost 127,000 active agents by the end
ARPU (PKR) 302 282 6.9% of 3Q24 (+6.4% YoY).
MOU (min) 250 235 6.7%
Data usage (GB/user) 7.3 6.5 12.2%
The SIM care and lifestyle app SIMOSA saw MAUs increase
Total digital revenue 25,443 20,001 27.2% 68,425 49,035 39.5% by 13.9% YoY, reaching 15.4 million at the end of 3Q24.
SIMOSA continues to enrich the daily lives of its customers,
With a robust portfolio of digital offerings and double-
fulfilling their needs from telecommunications to lifestyle
digit growth in multiplay customers, further
services, leading as the number 1 lifestyle app on the
supported by JazzCash and MMBL’s outstanding
performance, Jazz delivered another quarter of strong Google Play Store. SIMOSA is now also catering to non-Jazz
local currency revenue growth. users, attracting over 200,000 sign ups, positioning itself to
becoming an all-in-one SIM care and lifestyle app option
In 3Q24, total revenues rose by 22.6% YoY in local currency
for smartphone users across the country.
reflecting strong growth in 4G users and disciplined fair value
pricing as ARPU grew 6.9% YoY. Jazz’s fintech offerings stood In 3Q24, Tamasha, Pakistan’s largest home-grown
out in this quarter, with robust growth in revenues for both streaming platform, expanded internationally by streaming
JazzCash (+85.5% YoY in local currency) and Mobilink Pakistan’s Test Cricket matches against Bangladesh in
Microfinance Bank (+56.3% YoY in local currency) driving a August and September which, extending the platform’s
27.2% YoY growth in total direct digital revenues. reach to viewers in sub-Saharan Africa and India.
Additionally, Tamasha streamed the Paris Olympics,
EBITDA rose by 14.7% YoY in local currency, representing a
enabling millions of users in Pakistan to proudly witness
seventh consecutive quarter where revenue growth has
Arshad Nadeem's historic Gold Medal victory in Javelin,
consistently met or exceeded 20% and EBITDA growth has where he also set an Olympic record. By the end of the
been mid-double digit. quarter, Tamasha achieved 10.6 million monthly active
JazzCash and Mobilink Microfinance Bank saw further EBITDA users (MAUs) and 1.1 million average daily active users
margin expansion. JazzCash grew EBITDA from PKR 561 (DAUs).
million in 3Q23 to PKR 3.2 billion in 3Q24, Mobilink Mobilink Microfinance Bank received at GSMA’s M360 Asia-
Microfinance Bank generated PKR 4.5 billion in EBITDA, Pacific Annual Conference the “Digital Nations Video
representing 124% growth YoY. Creativity Award” for its “Invisible Heirs" campaign
In 3Q24, the 4G user base reached 49.4 million, a YoY addressing a social issue in Pakistan and many other parts
increase of 14.5%, with 4G penetration of 69.1% (+7.8 p.p.). of the world where women are deprived of their rightful
Jazz reported 71.6 million mobile subscribers (+1.6% YoY). inheritance following the death of a spouse or parent.

With the continued execution of its DO1440 strategy, Jazz Capex was PKR 13.4 billion in 3Q24 (+99% YoY) as Jazz
recorded 23% YoY growth in multiplay B2C customers continues to expand and upgrade its 4G network and
who benefit from digital services such as JazzCash, the self- increased investment into certain digital products. LTM
care app SIMOSA and the entertainment platform Tamasha. capex intensity for Jazz is 13.4% (-0.1 p.p. YoY).

14
Trading update
Q3 2024

KAZAKHSTAN
Double-digit revenue and EBITDA growth, expanding digital portfolio and gaining market share

KZT million 3Q24 3Q23 YoY 9M24 9M23 YoY The MyBeeline self-care platform increased its MAUs by
Total revenue 106,830 93,026 14.8% 303,542 256,895 18.2% 4.9% YoY, reaching 4.7 million MAUs.
Service revenue 103,468 90,395 14.5% 294,667 249,122 18.3%
EBITDA 50,535 53,730 (5.9%) 159,785 142,252 12.3% The BeeTV multiplatform entertainment service reached
EBITDA margin 47.3% 57.8% (10.5p.p.) 52.6% 55.4% (2.7p.p.) over 895,000 MAUs (+13.7% YoY), with over 70% of
Capex 26,975 14,954 80.4% 49,143 33,722 45.7% customers using the mobile version of the service. In 2023,
Capex intensity 22.8% 17.0% 5.8p.p. 16.2% 13.1%
BeeTV acquired broadcasting rights for 125 games in the
Customers
Mobile (mln) 11.6 11.0 5.9% UEFA Champions League 2023/24, with 24 games airing
Digital MAU (mln) 12.2 8.4 45.1% exclusively on BeeTV. The 2023/24 UEFA Champions League
Broadband (mln) 0.7 0.7 6.7% group stage began on 19 September 2023 and ended on 1
Mobile metrics
June 2024.
Total operating revenue 74,118 63,418 16.9% 212,384 171,190 24.1%
Service revenue 74,118 63,418 16.9% 212,384 171,190 24.1%
Beeline Kazakhstan’s sub-brand IZI continued to deliver
Data revenue 51,423 47,376 8.5% 151,821 123,667 22.8%
Data users (mln) 10.1 9.3 9.4%
strong growth with MAUs of the IZI app increasing 42.8%
4G users (mln) 8.9 8.0 11.8% YoY to nearly 608,000. At the end of 3Q24, IZI recorded over
4G penetration 76.7% 72.6% 4.1p.p. 300,000 monthly active subscribers using an IZI SIM card, a
ARPU (KZT) 2,224 2,147 3.6%
36.9% increase YoY. Total ARPU of IZI platform users
MOU (min) 130 147 (11.1%)
Data usage (GB/user) 18.0 17.1 4.9%
increased by 6.0% YoY on the back of its expanded value
Total digital revenue 10,211 8,145 25.4% 28,801 21,939 31.3% proposition as the platform offers a variety of unique and
Total fixed-line revenue 27,173 20,437 33.0% 71,223 60,705 17.3% new content and actively promotes Kazakh celebrities.
Beeline Kazakhstan continued to gain market share in Simply, Kazakhstan’s first domestic mobile online only
3Q24, with nearly 15% YoY growth in revenues. Beeline neobank, saw a 7.1x YoY increase in MAUs, which reached
Kazakhstan has 77% 4G penetration in 3Q24 and almost 2.3 million at the end of 3Q24. This growth was
Multiplay customers revenue rose 22.8% YoY. driven by the ecosystem cashback program initiated by
Beeline Kazakhstan, with “Simply bonuses” serving as the
In 3Q24, total revenues rose by 14.8% YoY, while service key integrated pillar of ecosystem development.
revenues increased by 14.5% YoY, driven by growth in the
Capex was KZT 27.0 billion during the quarter, representing
mobile data consumption as well as new digital offerings.
an LTM capex intensity of 22.8%. The elevated capex in
EBITDA decreased by 5.9% YoY in 3Q24 due to a higher base Kazakhstan was aimed at addressing underlying demand
effect in 3Q23 from a radio frequency tax benefit, and and entrenching our network leadership. Beeline
charitable donations in 3Q24. Kazakhstan’s capex budget is being prioritised to massive
MIMO (massive multiple-input multiple-output) technology,
Beeline Kazakhstan expanded its 4G user base to 8.9 million,
4.9G wireless technology roll-outs and for the 250+ rural
up 11.8% YoY at the end of 3Q24, and reached 76.7% 4G
roll-out project. The 250+ project focuses on expanding the
penetration of the total customer base.
4G network and connecting remote and rural areas.
Beeline Kazakhstan continued to expand its digital portfolio
Beeline Kazakhstan, through its Corporate Foundation
in line with the DO1440 strategy. Multiplay customers who
“Zhyly Zhurek”, is supporting digital skills development in
used services such as IZI, Simply, My Beeline, Hitter and
Kazakhstan with the funding and inauguration of a newly
BeeTV reached over 3.9 million, up 2.7% YoY. With higher
constructed secondary school that includes high-end
ARPU and lower churn, these customers contributed 66.8%
technology facilities. The school has been equipped with a
of the revenues in the B2C segment.
state-of-the-art computer lab, workshops, laboratories and
sports facilities and will serve over 900 children.

15
Trading update
Q3 2024

BANGLADESH
Impacted by macro-economic headwinds and civil unrest

BDT million 3Q24 3Q23 YoY 9M24 9M23 YoY The multiplay customer base declined by 11.6% YoY,
Total revenue 14,546 15,882 (8.4%) 46,015 45,911 0.2% whilst multiplay B2C revenues declined by 8.8% YoY and
Service revenue 14,384 15,634 (8.0%) 45,523 45,182 0.8% accounted for 33.9% of B2C revenues during 3Q24.
EBITDA 5,866 6,108 (4.0%) 16,649 17,230 (3.4%)
EBITDA margin 40.3% 38.5% 1.9p.p. 36.2% 37.5% (1.3p.p.)
Banglalink’s Toffee is the country’s leading entertainment
Capex 2,009 2,171 (7.5%) 5,920 9,291 (36.3%) application and OTT platform with audio and video
Capex intensity 12.8% 22.7% (9.8p.p.) streaming services accessible to users of all mobile
Customers operators in Bangladesh.
Mobile (mln) 37.8 39.9 (5.4%)
Digital MAU (mln) 14.1 19.7 (28.4%) In 3Q24, Toffee had 6.1 million MAUs (-49.3% YoY). Toffee
Mobile metrics streamed the Copa America behind a paywall for 650,000
Total revenue 14,350 15,592 (8.0%) 45,217 45,113 0.2% football fans in the country, who consumed nearly 100
Service revenue 14,350 15,592 (8.0%) 45,217 45,113 0.2%
million minutes of content. Banglalink has secured exclusive
Data revenue 4,219 5,776 (27.0%) 14,763 16,128 (8.5%)
streaming rights for ICC world events across Bangladesh
Data users (mln) 24.5 27.0 (9.1%)
4G users (mln) 19.3 19.6 (1.4%) until the end of 2025. Toffee also successfully reinstated
4G penetration 51.2% 49.1% 2.1p.p. linear TV channels by partnering directly with international
ARPU (BDT) 121 132 (8.0%) broadcasters making it the only OTT platform in the country
MOU (min) 151 156 (3.5%)
to offer linear TV.
Data usage (GB/user) 4.5 5.8 (22.7%)
Total digital revenue 34 42 (19.0%) 306 68 349.5% Banglalink's MyBanglalink (“MyBL”), a pioneering
telecommunications super app, continues to maintain its
In 3Q24, Banglalink's total revenues saw local currency ranking as the number 1 app in the lifestyle category on the
decline of 8.4% year-over-year, with service revenues Google Play Store at the end of the quarter. MyBL caters to
also falling by 8.0%. The dip in revenues was primarily a MAU base of 7.6 million at the end of the quarter (+0.7%
influenced by political unrest and civil disturbances YoY). MyBL is Bangladesh's premier digital health services
during July and August of 2024, coupled with the aggregator and provides an extensive range of services
implementation of a new tax on revenues from including music, gaming, education, ticket bookings and
telecommunications services. seamless utility bill payments. There are 2.3 million users
This performance was impacted by declines in the subscriber listening to music from the library of more than 100,000
base (-5.4% YoY) and ARPU (-8.0% YoY). The declines in Bengali songs, 1.1 million users using e-health services with
revenue were due to network outages during period, a access to more than 14,000 doctor consultations, and
decline in consumer disposal income given economic 200,000 MAUs using online courses with over 33,000
disruptions, and the introduction of a new tax which enrollments – for the last twelve months.
structurally reduces all operator revenue bases by around Banglalink at GSMA’s M360 Asia-Pacific Annual Conference
5%. received the “Excellence in Digital Inclusion Video Award” for
the "MyBL Super App: Revolutionising Healthcare in Rural
In 3Q24, EBITDA decreased by 4.0% YoY, which represents a
Bangladesh" campaign. Banglalink’s MyBL super app, which
notably smaller decline compared to revenues. This
includes a healthcare module, among other features, and
performance occurred in a challenging environment
serves 7.6 million MAUs as of September 2024, has helped
characterized by increased SIM taxes, higher electricity tariffs,
make healthcare more accessible in the country.
and additional expenses associated with network expansion.
Despite these pressures, effective cost control initiatives Capex in 3Q24 was BDT 2.0 billion and capex intensity over
were successfully implemented throughout the period, the past 12 months reduced to 12.8% (-9.8 p.p. YoY) as the
helping to mitigate the downward impact on EBITDA. largest part of the 4G network roll-out was carried out in
2022 and 2023.
Due to civil unrest and network outages, Banglalink
As reported in our 20-F for the year ended 31 December
experienced a decline in its customer base in 3Q24 to 37.8
2023, preliminary analysis suggests that we may incur a
million (-5.4% YoY). Banglalink recorded a 1.4% decline in its
substantial impairment charge to the carrying value of the
4G user base to 19.3 million at the end of the quarter. This
Bangladesh Cash Generating Unit for the period ended 30
corresponds to 51.2% 4G penetration, a 2.1 p.p. YoY
September 2024. Final results of the analysis are expected
increase. A focus on increasing 4G penetration remains a
to be published in our interim unaudited consolidated
strategic objective of Banglalink’s DO1440 strategy and key
condensed financial statements for the period ended 30
enabler of Banglalink’s future growth plans.
September 2024.

16
Trading update
Q3 2024

UZBEKISTAN
Double-digit revenue growth, reached 74% 4G user penetration

UZS million 3Q24 3Q23 YoY 9M24 9M23 YoY With a strong focus on the execution of its DO1440 strategy,
Total revenue 885,516 768,393 15.2% 2,558,478 2,237,823 14.3% Beeline Uzbekistan continued offering new digital bundles
Service revenue 881,813 768,077 14.8% 2,550,559 2,236,926 14.0% and tariff plans in 3Q24, building on its portfolio of digital
EBITDA 315,912 274,783 15.0% 918,629 907,053 1.3%
EBITDA margin 35.7% 35.8% (0.1p.p.) 35.9% 40.5% (4.6p.p.)
products and services. Supported by higher 4G user
Capex 131,421 96,426 36.3% 870,761 509,538 70.9% penetration and uptake of digital products, Beeline
Capex intensity 31.0% 19.1% 11.9p.p. Uzbekistan increased its multiplay customer base by
Customers
14.6% YoY. Multiplay users now account for 46.9% of the
Mobile (mln) 8.2 8.7 (6.0%)
Digital MAU (mln) 7.3 6.4 15.1% monthly active B2C customer base, driving 31.4% YoY
Mobile metrics increase in B2C revenues during 3Q24.
Total revenue 848,765 747,978 13.5% 2,454,954 2,157,673 13.8%
Service revenue 848,765 747,978 13.5% 2,454,954 2,157,673 13.8% Beeline Uzbekistan is progressively transitioning to a new
Data revenue 668,521 569,800 17.3% 1,912,402 1,598,973 19.6%
optimized portfolio of digital products and services. In
Data users (mln) 7.3 7.7 (4.4%)
4G users (mln) 6.1 6.1 (1.2%)
3Q24, Beeline Uzbekistan officially launched the digital
4G penetration 74.2% 70.6% 3.7p.p. entertainment platform KINOM in Uzbekistan. KINOM
ARPU (UZS) 34,500 28,602 20.6% delivers Full HD streaming on Apple and Android
MOU (min) 454 482 (5.9%)
Data usage (GB/user) 11.9 10.0 19.2%
smartphones, Smart TVs and computers. The platform
Total digital revenue 33,713 20,170 67.1% 96,551 78,271 23.4% focuses on local language content with a wide selection of
films and programs in Uzbek, ensuring greater relevance for
Beeline Uzbekistan delivered healthy topline growth of consumers and supporting national content creators. With
+15.2% YoY, recording its twelfth consecutive quarter a content offering of more than 130 channels of linear TV,
of double-digit YoY topline growth, and has 74% 4G as well as on-demand films and TV series, KINOM is
user penetration. accessible for all mobile users in the country. Entertainment
In 3Q24, total revenues increased by 15.2% YoY in local platforms, including KINOM and Beeline Music, accounted
currency. This operational performance was driven by a for over 1.0 million MAUs in 3Q24.
higher demand for Beeline’s data and digital services, which The Beepul mobile financial services platform grew 2.0x
led to 20.6% YoY growth in ARPU. YoY reaching 1.3 million MAUs at the end of 3Q24 and
EBITDA increased 15.0% YoY, as Beeline Uzbekistan experienced growing engagement with customers,
continued operational investments into AdTech. Excluding increasing the average value per transaction by 38.1% YoY.
AdTech investments, additional pressure on EBITDA YoY The self-service app Beeline Uzbekistan, rated 4.5 stars
performance was due to higher electricity tariffs and out of 5.0 stars on the Google Play Store, recorded 4.8
accelerated network expansion. million MAUs (+11.2%).
In 3Q24, Beeline Uzbekistan had 8.2 million subscribers, Beeline Uzbekistan’s digital-first operator, OQ which
while the 4G user base reached 6.1 million users during the launched in October 2023, reached over 181,200 MAUs at
quarter, a 1.2% YoY decrease. 4G users now account for the end of the quarter. OQ provides integrated digital
74.2% of total customers (+3.7 p.p. YoY). The Beeline experiences in entertainment and communication, serving
Uzbekistan customer base in 3Q24 was impacted by digital natives who use mobile internet extensively to
optimization measures, as the team focuses on improving engage with lifestyle services.
mobile ARPU and retaining more valuable customers.
Capex was UZS 131.4 billion in 3Q24, with capex intensity
of 31.0%. Beeline Uzbekistan accelerated its 4G network
rollout in prior periods to meet growing demand in 4G
coverage and quality across the country and reported a
17.6% YoY increase in 4G base stations.

17
Trading update
Q3 2024

CONFERENCE CALL INFORMATION

On 14 November 2024, VEON will host a conference call with senior management at 14:00 CET (13:00 GMT, 8:00 EST).

3Q24 results conference call

To register and access the event, please click here or copy and paste this link to the address bar of your
browser: https://veon-Q3-2024-trading-update.open-exchange.net/.

Once registered, you will receive registration confirmation at the email address mentioned during registration with
the link to access the webcast and dial-in details to listen to the conference call over the phone.

We strongly encourage you to watch the event through the webcast link, but if you prefer to dial in, then please use
the dial-in details.

Q&A

If you want to participate in the Q&A session, we ask that you select the ‘Yes' option on the ‘Will you be asking questions
live on the call?’ dropdown. That will bring you to a page where you can join the Q&A room by clicking 'Connect to
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You will be brought into a zoom webinar where you can listen to the presentation and once Q&A begins, if you have
a question, please use the ‘raise hand button’ on the bottom of your zoom screen. When it is your turn to speak, the
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You can also submit your questions prior to the event to VEON Investor Relations at [email protected].

The conference call replay, the slide presentation and a transcript of the conference call will also be available for
download from VEON’s website.

CONTACT INFORMATION
Investor Relations
Faisal Ghori
[email protected]

18
Trading update
Q3 2024

PRESENTATION OF
FINANCIAL RESULTS

VEON’s results presented in this document are, unless otherwise stated, based on International Financial Reporting
Standards (“IFRS”) 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, local currency ("LCY") trends and ARPU, is defined in Attachment A and reconciled to the
comparable IFRS information in Attachment C.

19
Trading update
Q3 2024

DISCLAIMER AND
NOTICE TO READERS

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, including operating model and development plans; anticipated performance,
including VEON’s growth trajectory and ability to generate sufficient cash flow; 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 intended delisting from Euronext Amsterdam; VEON’s
planned HQ relocation to the Dubai International Financial Centre in the United Arab Emirates, VEON’s ability to realize
the acquisition and disposition of any of its businesses and assets and to execute its strategic transactions in the
timeframes anticipated, or at all; VEON’s ability to realize financial improvements, including an expected reduction of
net pro-forma leverage ratio following the successful completion of certain dispositions and acquisitions; 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

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VEON’s products and services; our plans regarding our dividend payments and policies, as well as our ability to receive
dividends, distributions, loans, transfers or other payments or guarantees from our subsidiaries; continued volatility
in the economies in VEON’s markets; governmental regulation of the telecommunications industries; general political
uncertainties in VEON’s markets; government investigations or other regulatory actions; litigation or disputes with
third parties or regulatory authorities or other negative developments regarding such parties; the impact of export
controls and laws affecting trade and investment on our and important third-party suppliers' ability to procure goods,
software or technology necessary for the services we provide to our customers; risks associated with our material
weakness in internal control over financial reporting; 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 2023 Form 20-F for the year ended 31 December 2023 filed
with the U.S. Securities and Exchange Commission (the “SEC”) on 17 October 2024 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.

Furthermore, elements of this document contain or may contain, “inside information” as defined under the Market
Abuse Regulation (EU) No. 596/2014.

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.

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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.

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ATTACHMENTS

CONTENT OF THE ATTACHMENTS

Attachment A Definitions 24
Attachment B Customers 26
Attachment C Reconciliation tables 26
Attachment D Rates of functional currencies to USD 30

For more information on financial and operating data for specific countries, please refer to the supplementary file
Factbook3Q2024.xlsx on VEON’s website at https://www.veon.com/investors/reports-results/

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ATTACHMENT A: DEFINITIONS
4G users are mobile customers who have engaged in revenue-generating activity during the three months prior to
the measurement date as a result of activities over fourth-generation (4G or LTE – long term evolution) network
technologies.

ARPU (average revenue per user) measures the monthly average revenue per mobile user. We generally calculate
mobile ARPU by dividing our mobile service revenue during the relevant period (including data revenue, roaming
revenue, MFS and interconnect revenue, but excluding revenue from connection fees, sales of handsets and
accessories and other non-service revenue) by the average number of our mobile customers during the period and
the number of months in that period.

Capital expenditures (capex) are purchases of property and equipment, new construction, upgrades, software,
other long-lived assets and related reasonable costs incurred prior to 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.

Discontinued operations under IFRS refers to a component of an entity, representing a major line of business or a
geographic area of operations, that has either been disposed of or is classified as held for sale. As presented in the
document, the results of discontinued operations that are presented separately, either in the current and/or prior
year income statements, have no impact on balance sheet amounts of the prior periods. This means that neither the
Algerian nor Russian operations contribute to the base performance of VEON for both the current and prior year
shown.

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 2023 Form 20-F published by VEON.
VEON calculates Adjusted EBITDA as (loss)/profit before interest, tax, depreciation, amortization, impairment, gain/loss
on disposals of non-current assets, other non-operating gains/losses and share of profit/loss of joint ventures and
associates. Our Adjusted EBITDA may be helpful in evaluating our performance against other telecommunications
companies that provide EBITDA. Additionally, a limitation of EBITDA’s use as a performance measure is that it does
not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenue or the
need to replace capital equipment over time.

EBITDA margin is calculated as EBITDA divided by total revenue, expressed as a percentage.

Equity free cash flow is a non-IFRS measure and is defined as free cash flow from operating activities less cash flow
used in investing activities, excluding license payments, principal amount of lease payments, balance movements in
Pakistan banking, M&A transactions, inflow/outflow of deposits, financial assets and other one-off items.

Gross debt is calculated as the sum of long-term notional debt and short-term notional debt, including capitalised
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”) and other factors,
such as businesses under liquidation, disposals, mergers and acquisitions, including the classification of Russia as
‘discontinued operations’. LCY trends underlying (growth/decline) is an alternative performance measure that is
calculated as local currency trends excluding identified items with an absolute amount of USD 5 million or more.
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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,
loan repayments, domestic and international remittances, mobile insurance and tickets for air and rail travel, all via
their mobile phone.

Multiplay customers are doubleplay 4G customers who also engaged in usage of one or more of our digital
products at any time during the one month prior to such measurement date.

Net debt is a non-IFRS financial measure and is calculated as the sum of interest-bearing long-term debt, including
capitalized leases (unless specifically excluded) and short-term notional debt minus cash and cash equivalents,
excluding cash and cash deposits from our banking operations in Pakistan, long-term and short-term deposits. We
believe that net debt provides useful information to investors because it shows the amount of notional debt that
would be outstanding if available cash and cash equivalents and long-term and short-term deposits were applied to
repay such indebtedness. Net debt should not be considered in isolation as an alternative to long-term debt and
short-term debt, or any other measure of our financial position.

Net Promoter Score (“NPS”) is the methodology VEON uses to measure customer satisfaction. Relative NPS (rNPS)
– advantage or gap in NPS when 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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ATTACHMENT B: CUSTOMERS
Mobile Fixed-line broadband

3Q24 2Q24 QoQ 3Q23 YoY 3Q24 2Q24 QoQ 3Q23 YoY

Ukraine 23.3 23.4 (0.5%) 24.1 (3.3%) 1.1 1.1 (1.6%) 1.1 (1.8%)
Pakistan 71.6 71.4 0.3% 70.5 1.6%
Kazakhstan 11.6 11.4 2.2% 11.0 5.9% 0.7 0.7 3.8% 0.7 6.7%
Bangladesh 37.8 41.3 (8.6%) 39.9 (5.4%)
Uzbekistan 8.2 8.1 1.0% 8.7 (6.0%)
Kyrgyzstan 1.7 1.8 (1.1%) 1.9 (7.4%)
Total 154.2 157.4 (2.0%) 156.1 (1.2%) 1.8 1.8 0.4% 1.8 1.4%

ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF CONSOLIDATED EBITDA TO PROFIT/(LOSS) FOR THE PERIOD

USD million, unaudited 3Q24 3Q23 9M24 9M23

EBITDA 438 444 1,283 1,245

Depreciation (132) (136) (396) (396)
Amortization (50) (52) (149) (156)
Impairment (loss)/gain (1) 1 (2) 11
(Loss)/gain on disposals of non-current assets (0) 1 (2) 2
Gain/(loss) on disposals of subsidiaries 146 (0) 146 (0)
Operating profit 402 259 880 706
Financial income and expenses: (112) (116) (340) (363)
⎼ Including finance income 11 16 32 49
⎼ Including finance expenses (123) (132) (372) (412)
Net foreign exchange (loss)/gain and others: 5 41 15 64
⎼ Including other non-operating gains/(losses) 3 2 23 17
⎼ Including net foreign exchange (loss)/gain 3 39 (8) 48
Profit before tax from continuing operations 295 184 555 408
Income tax (expense)/gain (69) (53) (162) (116)
Profit/(loss) from continuing operations 226 131 394 292
Profit/(loss) from discontinued operations - 337 - 807
Profit for the period 226 469 394 1,099
⎼ Of which profit attributable to non-controlling interest 18 20 60 58
⎼ Of which profit attributable to VEON shareholders 209 448 334 1,041

RECONCILIATION OF CAPEX

USD million, unaudited 3Q24 3Q23 9M24 9M23

Capex 198 131 504 393

Adding back purchase of licenses (54) (25) (158) (108)
Difference in timing between accrual and payment for capital expenditures 80 83 335 328
Cash paid for capital expenditures 224 188 681 613

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RECONCILIATION OF EQUITY FREE CASH FLOW

YoY YoY
USD million 3Q24 3Q23 9M24 9M23
change change

EBITDA 438 444 (7) 1,283 1,245 38

Movements in Working Capital 32 (4) 36 (55) (65) 10
Movements in provisions (1) 25 (26) 40 90 (50)
Net tax paid (69) (65) 0 (199) (196) (3)
Cash capex (excluding license payments) (171) (164) (8) (559) (465) (94)
Gain / (loss) on disposal of non-current assets 1 1 (0) 102 12 90
Interest expense - banking services (11) (4) (7) (33) (11) (22)
Net cashflow from banking services 5 0 4 14 (4) 18
Unlevered Free Cash Flow 223 235 (12) 592 604 (13)
Net interest (81) (56) (25) (283) (303) 21
Equity Free Cash Flow 142 179 (36) 309 301 8
Lease liabilities payments - principal (45) (36) (9) (126) (109) (17)
Licenses payments (53) (25) (28) (122) (147) 26
Equity Free Cash Flow (after leases and
45 118 (74) 62 45 17
licenses)

Note: Certain comparative amounts have been reclassified to conform to the current period presentation.

RECONCILIATION OF LOCAL CURRENCY NORMALISED, LOCAL CURRENCY AND REPORTED YOY GROWTH
RATES
3Q24

Total Revenue
Impact of Impact of FX
LCY, underlying LCY Reported
identified items and other

Ukraine 17.9% - 17.9% (13.1%) 4.8%

Pakistan 22.6% - 22.6% 5.9% 28.5%
Kazakhstan 14.8% - 14.8% (5.5%) 9.3%
Bangladesh 4.3% (12.7%) (8.4%) (7.3%) (15.7%)
Uzbekistan 15.2% - 15.2% (6.9%) 8.3%
Total 16.0% (1.9%) 14.1% (4.3%) 9.8%

EBITDA
Impact of Impact of FX
LCY, underlying LCY Reported
identified items and other

Ukraine 6.9% - 6.9% (11.9%) (5.0%)

Pakistan 14.7% - 14.7% 5.5% 20.2%
Kazakhstan 2.1% (8.0%) (5.9%) (4.3%) (10.2%)
Bangladesh 27.0% (31.0%) (4.0%) (7.7%) (11.6%)
Uzbekistan 15.0% - 15.0% (6.9%) 8.0%
Total 9.8% (6.2%) 3.5% (5.1%) (1.5%)

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9M24

Total Revenue
Impact of Impact of FX
LCY, underlying LCY Reported
identified items and other

Ukraine 11.5% (6.8%) 4.7% (8.7%) (4.0%)

Pakistan 25.0% - 25.0% 0.2% 25.2%
Kazakhstan 18.2% - 18.2% (1.5%) 16.6%
Bangladesh 4.6% (4.4%) 0.2% (5.8%) (5.5%)
Uzbekistan 14.3% - 14.3% (9.4%) 4.9%
Total 16.0% (2.4%) 13.6% (4.1%) 9.5%

EBITDA
Impact of Impact of FX
LCY, underlying LCY Reported
identified items and other

Ukraine 8.8% (11.5%) (2.6%) (8.3%) (10.9%)

Pakistan 20.2% - 20.2% 0.2% 20.4%
Kazakhstan 15.3% (3.0%) 12.3% (1.1%) 11.2%
Bangladesh 7.6% (11.0%) (3.4%) (5.8%) (9.2%)
Uzbekistan 1.3% - 1.3% (8.5%) (7.2%)
Total 11.9% (4.5%) 7.4% (4.3%) 3.0%

RECONCILIATION OF AMOUNTS: REPORTED, IN CONSTANT CURRENCY AND IN CONSTANT CURRENCY

ADJUSTED FOR IDENTIFIED ITEMS

3Q24
Identified items, Underlying,
USD, million Reported Constant FX
constant FX constant FX
Total revenue
Ukraine 250 281 281
Pakistan 359 342 342
Kazakhstan 224 235 235
Bangladesh 123 134 18 152
Uzbekistan 70 75 75
HQ, other and eliminations 13 13 13
Total 1,038 1,079 18 1,097

Identified items, Underlying,

USD, million Reported Constant FX
constant FX constant FX
EBITDA
Ukraine 144 162 162
Pakistan 149 142 142
Kazakhstan 106 111 10 121
Bangladesh 50 54 17 71
Uzbekistan 25 27 27
HQ, other and eliminations (35) (35) 11 (25)
Total 438 460 37 498

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9M24
Identified items, Underlying,
USD, million Reported Constant FX
constant FX constant FX
Total revenue
Ukraine 674 735 48 782
Pakistan 1,026 1,026 1,026
Kazakhstan 662 670 670
Bangladesh 404 429 18 447
Uzbekistan 203 221 221
HQ, other and eliminations 37 37 37
Total 3,006 3,119 66 3,185

Identified items, Underlying,

USD, million Reported Constant FX
constant FX constant FX
EBITDA
Ukraine 379 414 49 463
Pakistan 450 450 450
Kazakhstan 349 353 10 363
Bangladesh 146 155 17 173
Uzbekistan 73 80 80
HQ, other and eliminations (114) (115) 20 (95)
Total 1,283 1,337 96 1,433

RECONCILIATION OF NET DEBT

USD million 30 Sep 2024 30 Jun 2024 31 Mar 2024

Net debt, excluding leases and banking operations
2,100 2,226 2,040
in Pakistan
Lease liabilities - principal 1,014 1,011 1,024
Net debt, excluding banking operations in Pakistan 3,114 3,237 3,064
Cash and cash equivalents 1,019 862 832
Deposits in MMBL and JazzCash in Pakistan (144) (140) (200)
Long - term and short-term deposits 2 2 3
Gross debt 3,991 3,961 3,699
Interest accrued related to financial liabilities 87 69 85
Other unamortised adjustments
(13) (13) (8)
to financial liabilities (fees, discounts etc.)
Total financial liabilities 4,064 4,018 3,775
Certain comparative amounts have been reclassified to conform to the current period presentation.

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EBITDA RECONCILIATION ON COUNTRY LEVEL

3Q24

HQ and VEON
USD million Ukraine Pakistan Kazakhstan Bangladesh Uzbekistan Kyrgyzstan
eliminations Consolidated

EBITDA 144 149 106 50 25 5 (40) 438

Less
Depreciation (26) (40) (22) (33) (12) (3) 4 (132)
Amortization (11) (17) (6) (14) (1) (1) (0) (50)
Impairment loss (1) - 0 (0) - - (0) (1)
Loss on disposals of non-current assets (0) 0 0 0 (0) 0 0 (0)
Gains/(losses) on sale of investments in
146 146
subsidiaries
Operating profit 106 93 78 2 12 1 110 402

9M24

HQ and VEON
USD million Ukraine Pakistan Kazakhstan Bangladesh Uzbekistan Kyrgyzstan
eliminations Consolidated

EBITDA 379 450 349 146 73 14 (128) 1,283

Less
Depreciation (77) (116) (65) (104) (31) (10) 8 (396)
Amortization (34) (49) (18) (44) (3) (2) (1) (149)
Impairment loss (2) - 0 (0) - 0 (0) (2)
Loss on disposals of non-current assets (0) 0 (0) 0 (1) (0) 0 (2)
Gains/(losses) on sale of investments in
146 146
subsidiaries
Operating profit 265 285 267 (2) 37 2 25 880

ATTACHMENT D: RATES OF FUNCTIONAL CURRENCIES TO USD

Average rates Closing rates

3Q24 3Q23 YoY 3Q24 3Q23 YoY

Ukraine Hryvnia 41.14 36.57 (12.5%) 41.17 36.57 (12.6%)

Pakistan Rupee 278.46 293.13 5.0% 277.82 287.73 3.4%
Kazakhstan Tenge 477.86 455.03 (5.0%) 479.23 474.47 (1.0%)
Bangladeshi Taka 118.35 108.95 (8.6%) 119.50 110.06 (8.6%)
Uzbekistan Som 12,649.95 11,885.82 (6.4%) 12,715.42 12,175.07 (4.4%)
Kyrgyzstan Som 84.87 88.09 3.7% 84.20 88.71 5.1%
Russian Ruble 89.21 94.09 5.2% 92.71 97.41 4.8%
Euro 0.91 0.92 1.0% 0.90 0.95 5.0%

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