VEON Ltd.

Hello. Good afternoon and good morning to everyone. Thank you for joining us today for BEYOND's third quarter 2025 results for the period ending 30th September 2025. My name is Anand Ramachandran, Chief Corporate Development Officer for BEYOND. Allow me to introduce our senior management in the room today. Next to me is Mr. Kaan Tarziolu, our group CEO, and next to him, Mr. Burak Ozer, our group CFO. Today's presentation, as usual, will begin with the key highlights and business updates from Khan, followed by a discussion of the financial results from Burak. We will then open the line for Q&A. Before we begin, please note that today's presentation may include forward-looking statements, which involve certain risks and uncertainties. These statements relate to the company's anticipated performance, 2025 guidance, market development, operational and network investments, and the company's ability to realize its targets and initiatives. Our actual results may differ materially due to risks detailed in our annual report on Form 20F and other filings with the SEC. The earnings release and presentation, including reconciliations of non-IFRS measures, are all available on our investor relations website. With that, let me hand it over to Khan.

Thank you, Anand. Good morning, good afternoon, and welcome to everyone. Let me begin with a remarkable milestone. In September, our monthly digital service users surpassed monthly telecom SIM card users for the first time. A defining moment in our journey as a true digital operator. This signals the scale of the opportunity ahead of us and the extraordinary growth still to come. Across our footprint, more than half a billion people, and we see a rising digital adoption, expanding connectivity, and powerful demographic momentum. These markets are not just large. They are accelerating, underpinned by innovation and low base effects that create multiple vectors of sustained growth. At the heart of this opportunity is our digital operator model, uniquely positioned to capture and drive this transformation. By combining connectivity, digital platforms and financial inclusion, We are unlocking sustainable growth and enduring value creation for customers, communities, governments, and shareholders alike. And now let's start the key messages from our Q3 results. I am pleased that we have delivered another strong quarter, starting with our financial performance. Our revenues grew 7.5% year on year in US dollar terms. U.S. dollar EBITDA increased by 19.7% year on year. This is yet another billion dollar plus revenue quarter and a half a billion dollar plus EBITDA quarter. On the back of this performance, we are raising our fiscal year 2025 EBITDA outlook. We now expect 16 to 18% EBITDA growth for the year in local currency terms up from 14 to 16 earlier. Second, we are driving exceptional momentum in expanding our digital services portfolio. Direct digital revenues grew 63% in US dollar terms and now contribute 17.8% of our total group revenues. Our AI 1440 strategy is becoming central to our operations. with ongoing work on large language models and increasing integration into agentic AI-powered customer-facing solutions. We are delivering localized multilingual features at scale through our super app platforms. Third, we continue to make good progress in executing our asset-light strategy. We have completed the sale of our Kyrgyzstan operations this quarter, further streamlining our portfolio and focusing on core growth markets. Our global framework agreement with Starlink aims to bring in direct-to-cell satellite connectivity to all of BEON's operating markets, ensuring resilient connectivity even in hard-to-reach areas. KF Star is on track to launch nationwide coverage subsequent to approvals. Beeline Kazakhstan is planning to launch services in Kazakhstan as we plan the test activities over the next couple of months. And finally, we continue to deliver for our shareholders. The landmark listing of Kyivstar on Nasdaq unlocked significant value with a current market valuation of $2.8 billion, compared to 1.25 billion of equity, which is 2.3 times of its book value. We retain an 89.6% stake in Kyivstar, which is worth $2.5 billion at Kyivstar's current market price. We are pleased that uncertainties regarding Vions going concern status have been mitigated, reflecting stronger liquidity and a more resilient balance sheet. And finally, our board has approved another $100 million share and or bond repurchase program. a clear demonstration of our confidence in our growth prospects and our continued commitment to deliver value to all our investors. Let's move to Q3 key financial metrics. Here we summarize our performance for the quarter. Telecom and infrastructure segment revenues on a like-on-like basis that adjust for TNS Plus this divestment grew 3.5% versus the reported 0.5% report number that you see on this page. This reflects the impact of our differentiated networks, products and services in continuing to drive ARPU and subscriber engagement while reducing churn. Our direct digital revenues were up 63% and represents 17.8% of total group revenue. On profitability, our EBITDA margin continues to grow. Year-to-date margins have expanded by 320 basis points year-on-year and reflect both scale efficiencies and cost discipline. Last 12-month EPS stands at $8.89, up 60.2% year-on-year. However, the reported EPS for Q3 alone was a loss of $1.84 per share, as we recorded two non-cash charges totaling $259 million. First was a charge of $162 million related to the SPAC sponsor shares in connection with the Kyiv Star listing. which is treated as a share-based compensation according to IFRS and has been recognized in the third quarter. Second, was a charge of $97 million for the sale of our Kyrgyzstan business, triggering a cumulative currency translation adjustments. For the avoidance of doubt, Q3 results has contributed $76 million to our shareholders' equity. I will emphasize that these non-cash charges have no impact on VEON's underlying operational performance, cash generation or financial guidance, which remains firmly supported by our strong organic growth and margin expansion across our key markets. Moving on, our last 12 months capex intensity excluding Ukraine was 17.7% and it is in line with our guidance. net debt excluding leases stood at 1.72 billion dollars as of september the improvement in leverage to 1.13 times reflects our operational and financial discipline and the success of our asset line strategy our last 12 months equity free cash flow reached 584 million dollars Finally, we ended the quarter with a cash balance of $1.67 million, including $653 million at the headquarters level. Let's look at our growth trajectory, and I will highlight three key points. First, on a like-for-like basis, which adjust for deconsolidation of TNS+, the Uklon acquisition and the sale of Deodar and Kyrgyzstan business, our revenues would have grown 10% in US dollars versus the reported 7.5. Secondly, our EBITDA rose 19.7% in US dollars, underscoring the resilience of our strategy and the quality of execution. Finally, I am pleased that our momentum continues to exceed inflation and nominal GDP growth, showcasing our ability to implement fair pricing while capturing greater share of customers' wallet share. Let me dive into our digital revenue performance. Starting last quarter, we began breaking out the components of our digital service revenues to provide you with greater transparency into growth and potential of our digital businesses. Let me make three points here. First, financial services are the largest component, accounting for 54% of total digital revenues, growing 33% year on year. Second, growth is pretty broad-based with solid contributions across our entertainment, ride-hailing, enterprise, and premium digital brand segments. Third, our sustainable cost advantages are how our low customer acquisition costs and optimized distribution model is driving this growth. These enable us to scale profitably and maintain strong unit economics. Let's look into our progress with regard to Multiplay users. Multiplay users count customers that use at least one digital service in addition to our voice and data connectivity services. Multiplay is a key feature of our digital operator strategy and growth story. 4G enables Multiplay. Making increased 4G adoption is a key growth driver. And it is this 4G base that is increasingly shifting to Multiplay, driven by our extensive and relevant suite of digital products and services. The Multiplay segment drives growth through stronger customer engagement, higher data consumption, more frequent usage of voice services, improved retention and ARPU expansion. Our Multiplay customers generate 3.8 times the ARPU of a voice-only subscriber. Encouragingly, this ratio continues to sustain, even as Multiplay adoption expands as a proportion of our overall subscriber base. In the third quarter, 55.4% of our total customer revenues were generated by Multiplay customers, and this segment grew revenue-wise 23% year-on-year. Let's look into different operations growth performance. And I'll use local currency terms across our markets for this. We have delivered strong double digit revenue growth across all of our markets, apart from Bangladesh. While the headline revenue growth for Beeline Kazakhstan shows a single digit, revenues on a like for like basis adjusting for TNS plus deconsolidation was up 23.3%. In Bangladesh, we are encouraged that the revenue returned to year on year growth for the first time in 14 months in September 2025. Our profitability trends across markets were strong as well. Headline numbers for beeline Kazakhstan and beeline Uzbekistan were impacted by tax effects. However, our after adjusting for these organic profitability trends remain very strong. Finally, Please note that our consolidated financial results for Ukraine include full consolidation of Ukraine Tower Company, UTC, whereas the standalone disclosures for KGL Group that are also released this morning exclude UCT. We can take specific questions and discuss market-specific issues during the Q&A session. Let me now turn into the financial services business success story in Pakistan. This business is the largest component of our financial services business, which I have highlighted earlier. This quarter, we completed the operational separation of Jazz Cash. Jazz Cash will continue to provide technology and services to MMBL. Both are now fully owned subsidiaries of Vyond. This is a key step in accelerating growth and unlocking value across our digital financial services portfolio. The business continues to deliver strong growth, as you see on this page. Gross transaction value for the quarter rose 40% year on year, representing 13% of Pakistan's gross domestic product on a last 12 month basis. This was driven by a 48% increase in total transactions and a 38% increase in transactions per user. Jazz Cash, with its over 700,000 merchant base, processes over 80% of all RAS payments value under the Prime Minister's Cashless Society initiative. Loan origination expanded sharply this quarter, with the daily average number of digital loans rising by nearly 26%. The average of 153,000 microloans dispersed on a single day in Q3. More recently, Jazz Cash achieved a major milestone with its highest ever single day lending disbursement of 1.1 billion Pakistani rupees through 200,000 loans. We are extremely proud of what Jazcash has achieved. With its trusted brand, deep market reach, and a growing ecosystem, Jazcash is leading Pakistan's rapid transition to a cashless economy and is positioned to unlock meaningful long-term value for beyond. Let us now have a closer look at the continued momentum of our digital ecosystem. We continue to see strong and broad-based growth across platforms with a total monthly active users growing now to 143.3 million, up 39% year on year. Our digital-only user base has more than doubled to 50 million and now represents nearly 35% of our total digital users. As I highlighted earlier, digital engagement exceeded mobile engagement for the first time in September, an important milestone that highlights how our platforms are becoming the primary customer interface and unlocking new opportunities for cross-sell advertising and digital services monetization. Over the past Last 12 months, transaction values grew 50% to reach $48.8 billion throughout our financial services platforms. Let's look in a more detailed outlook to our digital portfolio, and we focus on consumer-centric platforms on this page. Our financial services segment has increased by 25% to reach 42.1 million users across all platforms. I highlighted JazzCash earlier. Simply in Kazakhstan, people in Uzbekistan continue to scale their roles as the financial layer of our digital ecosystem in their countries. Our entertainment platforms delivered a strong quarter as well. Tamasha in Pakistan and Tofi in Bangladesh achieved record levels of engagement, fueled by the excitement of Asia Cup cricket tournament. This also drew up sharp uptick in advertising demand. In Ukraine, Kiev Star TV's revised partnership has elevated direct customer engagement to an entirely new level. Meanwhile, BTV in Kazakhstan and Kino in Uzbekistan continue to gain solid traction, reinforcing the growing strength of our regional entertainment portfolio. Our super apps continue to scale, positioned as one-stop digital hub. These platforms are seamlessly integrating essential services from healthcare to entertainment and driving deeper customer engagement across our footprint. Uklon's ride-hailing service reached 3.6 million users and recorded strong growth in active riders, trip volumes, and digital engagement in Ukraine and Uzbekistan. Our premium digital brands spanning lifecycle, digital identity, productivity tools, so users grow strongly to 3.3 million. With evolving lifestyle and content integrations, these platforms are designed to meet evolving customer needs with curated high value experiences. Let's move to our enterprise platforms. These platforms are transforming from internal enablers to market facing technology leaders, driving next generations, augmented intelligence and innovation. This opens up new revenue pools and strengthens our position as next-generation digital operators. Cascode, KF StarTech, Garage, Uscode and B-Cloud are winning new contracts, delivering augmented intelligence solutions, cloud services and data center solutions to corporate and government clients, expanding our presence in fast-growing enterprise technology markets. Across these companies, we have now nearly 2,000 engineers, software developers, data scientists, executing at scale to build commercializable next-generation digital products. Our advertising technology business, Veon EdTech, is scaling rapidly, powered by augmented intelligence and big data. It reaches over 70 million screens across our footprint, delivering measurable return on investment for advertisers. Built on our own AI and data infrastructure, the platform provides 360 degree advertising ecosystem, enabling precise audience targeting, real-time optimization, and creating a powerful new monetization layer across our digital portfolio. Let's learn now how we are embedding augmented intelligence across our ecosystem. We call it AI 1440, augmented intelligence for every single minute in a day. In Kazakhstan, our KazLLM is now alive in four languages, Kazakh, Turkish, English, and Russian, powering agentic features across multiple platforms. In Ukraine, Kyivstar Tech is co-developing the country's first sovereign Ukrainian language model with the Ministry of Digital Transformation, a landmark step in building national AI capabilities. We will extend this capability to Uzbek, Bangla, and Urdu, and deepen market-specific intelligence. Across our applications, AI is becoming truly agentic and reshaping customer engagement from self-service to entertainment and education. In entertainment, AI recommendation engines now reach nearly 35 million monthly active users across Tamasha, Kinom, Kievstar TV, Rytm, and Hitter. On Tamasha, AI already drives over one-third of all live TV sessions and nearly 60% of video-on-demand plays. It's AI news channel has alone became the third most watched channel on the platform. The news channel is sometimes having male or female news anchors that presents the news on live TV. In customer care, our Simosa AI chat assistant now autonomously manages customer journeys for nearly 1 million users every month. Our customized personal growth solutions are seeing strong adaption with our consumer audience. Jananda AI Tutor engages 17,000 monthly users, while Rise AI Tools processed over 16,000 requests, helping students write their CVs. We are also innovating with AI for enterprise. Cascode successfully launched Aventa AI, an enterprise-grade AI native platform designed to scale agentic workflows across HR, finance, and procurement functions. In summary, augmented intelligence is now a living layer in our ecosystem, delivering measurable impact for us across all our markets. I will now hand over to Burak, who will take you through the financials in more detail. Thank you, Kaan.

Looking at group revenues, we delivered total revenue of 1.115 billion U.S. dollars in the third quarter, representing a growth of 7.5% in U.S. dollar terms. As previously noted by Kaan, the quarter included the deconsolidation of TNS Plus in Kazakhstan, the consolidation of Uklon, and the sale of Deodar. and our Kyrgyzstan business. On a like-for-like basis that adjusts for this, our revenues grew 10%, underscoring the continued momentum across our operating markets. Direct digital revenues grew 63% year-on-year to reach $198 million. Digital services now account for 17.8% of total revenues, up from 11% a year ago. Turning the page to profitability, EBITDA for the quarter was $524 million, representing growth of 19.7%. The EBITDA margin stood at 47% for the quarter, up 400 basis points year-on-year, and was supported by operating leverage and disciplined cost management across all markets. We note that our digital services now account for 17.8% of group revenue. While digital margins are structurally lower, their significantly lower capex intensity ensures comparable cash conversion relative to telecom services. As our revenue mix continues to shift in this direction, we remain focused on sustaining EBITDA growth at scale, while enhancing group-wide capital efficiency and long-term free cash flow generation. Turning now to the balance sheet. We ended the quarter with 1.67 billion U.S. dollars in cash and deposits, of which 653 million is held at headquarters. Net dividends upstream from operating companies during the quarter totaled 96 million U.S. dollars and 285 million dollars for the year to date. Gross debt stood at U.S. dollars 4.86 billion up slightly from June, and reflected the completion of our $200 million bond issuance during the quarter. Approximately half of our external debt is now held at operating company level, providing natural currency hedging. Net debt was 3.48 billion US dollars, while net debt excluding leases improved to 1.73 billion, bringing leverage down to 1.13 times EBITDA. Let me now hand the call back to Kamil.