VEON Ltd.

And welcome to Vyond's 2Q25 results presentation. For those of you that have joined the Zoom webinar, if you would like to ask a question, you can use the raise hand button, which can be found on the black bar at the bottom of your Zoom screen at any time, to join the queue to ask a question. And you will be called upon during the Q&A session. For those of you watching on the webcast, If you would like to submit a written question, please use the Ask a Question tab at the top right of your screen. These questions can also be sent in at any time during the presentation. As a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Anand Ramachandran, you may begin.

Good morning and good afternoon to everyone. Thank you for joining us today for Beyond's second quarter results for the period ending June 30th, 2025. My name is Anand Ramachandran, Chief Corporate Development Officer, and also heading a group investor relations function. Allow me to introduce our senior management in the room today. Next to me is Mr. Kaan Tarviolu, a group CEO, and next to him, Mr. Burak Uzer, a group CFO. Today's presentation as usual, We'll begin with the key highlights and business updates from Khan, followed by a discussion of the financial results by Borak. We will then open up the line for question and answers. Please note that we may make forward-looking statements during today's presentation, which involves certain risks and uncertainties. These statements relate to the company's anticipated performance, guidance for 2025, future market developments, operational and network developments and investments, and the company's ability to realize its targets and initiatives. Actual results may differ materially due to risks, which are detailed in the company's annual report on 20F and other public filings with the SEC. The earnings released and presentation, including reconciliations of non-IFRS measures, can also be downloaded from our website. With that, let me hand it over to Khan.

Thank you, Anant. Good morning, good afternoon, and welcome. I appreciate you joining us today for Vion's presentation of our second quarter 2025 results. We listened to you, and I'll keep my presentation brief and to the point so we have more time for your questions and the richer discussion. We have continued our strong start to the year into the second quarter, and I am pleased that we have delivered a strong quarter again financially, operationally, and with regard to progress on strategic objectives. Let's start with the financial performance. Our revenues are up 5.9% year on year in U.S. dollars. EBITDA in U.S. dollar terms grew by 13.2% year on year. For the first half, our U.S. dollar revenues grew by 7.3% year on year, and our U.S. dollar EBITDA grew 13.4% year on year. In local currency terms, our revenues grew 11.2% in Q2, outpacing both inflation and nominal GDP across our markets. EBITDA in local currency grew 19.6%, reflecting our focus on profitable growth. This was yet another billion-dollar-plus revenue quarter. Our strong EBITDA performance reflects the strength and the scale of our operating volume. Looking ahead, we are pleased with the growth momentum across our businesses and are revising our outlook for 2025. We now expect local currency growth for total revenue between 13-15% year-on-year and EBITDA growth between 14-16%. Second, we are driving exceptional momentum in expanding our digital services portfolio. Direct digital revenues grew by 57% year-on-year in dollar terms and now contributes 16.5% of our total group revenues. Uklon was consolidated effective April 2025. This is a key milestone in our digital expansion strategy and unlocks new growth opportunities for us. We are also accelerating the integration of agentic AI-powered features across our platforms. and delivering localized and intuitive user experiences to our customers in their own languages at scale. Thirdly, we made substantial progress in executing our asset-light strategy. We have closed the strategic infrastructure pooling partnership with Engrow in Pakistan. This unlocked significant value for us. In Ukraine, Kyivstar continues to make progress on launching direct-to-cell satellite communications in partnership with Starlink. We expect to launch services in the fourth quarter this year. And last but not least, we continue to deliver for our shareholders. We completed the third and final phase of our $100 million share buyback program that we have announced in August last year. We have bought back close to 3% of our shares in less than a year since we announced the buyback program. We repaid both our April and June 2025 bond maturities and enhanced our financial flexibility with a $200 million private bond issuance. We are making good progress with Kyivstar's proposed Nasdaq listing through our business combination with Kohan Circle Acquisition Corporation One. We have secured the necessary investment commitments to secure this transaction. Cohen Circle has scheduled an extraordinary general meeting for August 12th to obtain shareholder approval. Subject to that approval, we expect to close the transaction and launch Kyivstar's public market debacle. Finally, we deliver on our digital operator strategy, focusing on an asset-like model prioritizing large population, underserved markets, accelerating and expanding our digital services. We are executing a series of transactions aligned with our strategy. The one of impacts from these transactions, completion of the ride-hailing business acquisition book loan, Deodar Tower sales in Pakistan, as well as last year's fiber infrastructure company TNS Plus sale in Kazakhstan, are clear examples of these strategic choices and should be seen as planned progress. Looking ahead, similar transactions may result in either gains or non-cash accounting charges. The upcoming Kyivstar listing in Nasdaq through a business combination agreement with Coin Circle and the sale of our Kyrgyzstan operations also will fall into this category. These transactions are expected to result in a non-cash charge in the range of $150 to $200 million likely to be recognized in the third quarter. The net impact of these transactions will be positive for our equity. These accounting effects, however, have little bearing on the fundamentals and momentum of our core operations. While we will continue to provide commentary on like-for-like trends, we should embrace the new nature of our business as we transform into a consumer and enterprise services company with a telecom license. I have already highlighted most of the numbers on this page. I will make three additional points. First, on a like-for-like basis, which adjusts for the deconsolidation of PNS Plus and Uklon acquisition, our U.S. dollar revenues would have grown 6.3% and our U.S. dollar EBITDA would have grown 14.6%. Second, we saw a slight uptick in weighted average inflation across our markets. up to 8.7% in second quarter. This comes after three quarters in the range of 7.6% and 8.2%. But I am pleased that our momentum continues to exceed inflation and the nominal GDP growth and showcases our ability to implement fair value pricing while capturing a greater share of consumer wallets. Third, given the pace of change across our business, Underlying adjustments have become frequent and short-lived and are adding less and less value to our clear performance narrative. Going forward, we will focus on headline numbers to provide you with more consistent and transparent view of our trajectory. This slide summarizes our performance for the quarter. I am pleased that our strong revenue momentum continues, driven by both telecom infrastructure and digital segments. Telecom and infrastructure segment revenues on a like-for-like basis that adjust for TMS plus the consolidation grew 2% in U.S. dollars and 7.4% in local currency terms versus the headline numbers you see on this page. This reflects the powerful impact of our network investments coupled with innovative products and services. Our direct digital revenues were up 57% in U.S. dollar terms, and 62% in local currency and now represent 16.5% of total revenue. On profitability, I am pleased that EBITDA margins continue to grow and are up both quarter-on-quarter and year-on-year to 47.8% in the second quarter. Our capex intensity for the quarter was 21.3%. On a last 12-month basis, It stands at 24.1, and excluding Ukraine, our last 12-month capex intensity stands at 18.3, which is in line with our guidance. Last 12-month equity-free cash flow was $611 million, up 33.7% year-on-year. This is driven by both our operational and financial discipline and success of our asset-light strategies. Net debt, excluding leases, stood at $1.96 billion as of June, as we completed the Uplon acquisition in April, paid our April and June maturity bonds, and raised $200 million via private bond placement. Finally, we ended the quarter with a cash balance of $1.28 billion, including $206 million at the headquarter. dive into our digital revenue performance. We have started to break the components of our digital revenue revenues to provide you with greater transparency into growth and potential of our digital businesses. Our digital direct revenues reached 180 million in the second quarter, growing 56.6% year-on-year in U.S. dollars and 62.4% in local currencies. These now represent 16.5% of total revenue, up from 11.2 a year ago, 14.3 a quarter ago. I will call out two points here. Financial services are the largest component accounting for 57% of our total digital revenue, growing strongly. We are pleased that the growth is broad-based, with solid contributions growth across our entertainment, super apps, premium digital brands, ride-hailing, and enterprise services. Effective April this year, we also welcomed Uklon to the Vyond family. Uklon contributed $21.7 million in revenue and $9.3 million in EBITDA for the quarter. This marks a strategic milestone for us, reflecting our commitment to expanding our digital services footprint and unlocking new growth opportunities. In this page, we are outlining our continued progress on Multiplay game, which accounts customers that use at least one digital service in addition to voice and data services we provide. Multiplay is a key feature of our digital operator growth strategy. 4G enables Multiplay, and hence increasing 4G adoption is a key driver. For this quarter, 4G users increased 3.9% year-on-year. 4G penetration across our base is now 68%, up 4.6 percentage points. And it is this 4G base that is increasingly shifting to multiply, given our extensive and relevant suite of digital products and services. The multiply segment drives growth with stronger customer engagement, higher data consumption, more frequent usage of voice services, improved retention, and ARPU expansion. Our Multiplay customers continue to generate 3.7 times the ARPU of voice-only subscribers. We are encouraged that this ratio continues to increase even as Multiplay adoption expands as a proportion of our total overall subscriber base. In the second quarter, 54.4% of our total revenues are generated by multiple customers, and this number grew 26.8% year-on-year in local currency terms. Let me provide you with an overview of our performance in local currency terms across our markets. We have delivered strong double-digit revenue growth in all our markets except Bangladesh. While headline revenue growth for B-Line Kazakhstan is single-digit, its revenues grew 14.5% life-for-life, accounting for TNS plastic consolidation. In Bangladesh, we are encouraged that total revenues grew 5.1% quarter-on-quarter, and this indicates that a gradual recovery in consumer sentiment is underway. Our unique combination of network investments, fair value pricing, differentiated products and services, and strong digital growth are the drivers of this momentum for all our markets. Our profitability trends across our markets are strong as well. reflecting on our focus on driving operational and cost efficiencies. Headline numbers for B-9 Kazakhstan and Bangla Link are impacted by tax regulatory changes, and adjusting for these organic trends continue to be strong. Finally, please note that our consolidated financial results for Ukraine include the full consolidation of Ukraine Tower Company , whereas the standalone disclosures for Kyivstar exclude UTC. On a standalone basis, revenues in Ukraine grew 25.9%, EBITDA grew 23.6%. For the first half, revenues in Ukraine, Kiev Star, were up 35.8% and EBITDA is up 38.5%. We will take specific questions and discuss market-specific issues in the question and answer session later. Let us now take a closer look at the continued momentum of our digital ecosystem. We are seeing strong broad-based growth across our platforms with total digital multi-active users, which I will refer to as just users, year-on, reaching 119.7 million for June, a 7% year-on-year increase. This is a strong result despite our entertainment users for June in Pakistan, being impacted by typical seasonality in between cricket tournament schedules and underscores the overall healthy engagement levels. Our digital-only user base is 29.3 million and represents 24.5% of total digital user base. This highlights the growing appeal of our digital products, which are fast becoming go-to solutions for consumers across competitive markets. Transaction value over the last 12 months reached $43.8 billion in our financial services solutions and is up 53% in local currency terms. Let me provide you with more detailed look to our digital portfolio. Our financial services segment has increased by 28% to reach 40.7 million users across all platforms. rose by 43% year-on-year. On a last 12-month basis, this represents an impressive 12% of Pakistan's GDP. This was driven by a 37.3% increase in total transactions and a 15% uplift in per-transaction value per user. Simply in Kazakhstan and Bpool in Uzbekistan continue to scale their roles as the financial layer of our digital ecosystem in the countries. Our entertainment platforms continue to build on customer engagement, notwithstanding the seasonality that is impacting monthly active users. As an example, Tamasha recorded 17 million users for April 25 on the back of marquee cricket tournaments with the June 25 users reflecting typical seasonality in between tournament schedules. These platforms are actively leveraging local content creation to capitalize on the rising demand for locally relevant content. This also sets up compelling opportunities for advertisers to engage with our young, digitally savvy audiences. Our super apps have now scaled to 45 million users, reinforcing their role as primary digital entry points. Positioned as a one-stop digital hub, these platforms are seamlessly integrating essential services from healthcare to entertainment and driving deeper engagement across our ecosystem. Uklon's ride-hailing service now operates in Ukraine and Uzbekistan and reached 3.5 million users. reinforcing our presence in high-frequency everyday digital life. Meanwhile, our premium digital brands spanning lifestyle, digital identity, and productivity tools saw users grow two times year-on-year to 2.3 million as adoption deepened among digitally native customer segments. These platforms are designed to meet evolving customer needs with curated high-value experiences underscoring their growing role in driving engagement, monetization, and digital leadership. I will now hand over to Burak, and he will take you through the financials in more detail.