VEON Ltd.

Hello and welcome to VEON's FY25 and 4Q25 results presentation. For those of you who 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 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 joining us. Thank you for being with us for WEON's fourth quarter and full year 2025 results for the period ending 31st December 2025. My name is Anand Ramachandran. I'm the Chief Corporate Development Officer for Veon. Joining me today are Kaan Terzioglu, a Group CEO, and Burak Ozer, a Group CFO. As usual, Kaan will begin with a strategic and operational highlights, after which Burak will cover the financial results. We will then open the call for Q&A. Before we begin, please note that today's presentation includes forward-looking statements which involve risks and uncertainties. Actual results may differ materially due to the risks detailed in BEYOND's annual report and Form 20F and other filings with the SEC. Our earnings release and presentation are available on our Investor Relations website. With that, let me hand it over to Kaan.

Thank you Anand. 2025 was a strong and transformative year for Veon. We delivered double-digit operational growth, accelerated our digital strategy, strengthened our balance sheet, and unlocked significant shareholder value. Let me highlight a few key points. First, our financial momentum is strong. In the fourth quarter, In U.S. dollars, revenues grew 17% and EBITDA grew 29% in U.S. dollars year on year. For the full year, revenues increased nearly 10% in U.S. dollars and EBITDA grew 19%. We also crossed an important milestone. More than $2 billion of annual EBITDA with margins expanding to 45.7%. The second theme this year is digital services revenue acceleration. Digital revenues grew 84% year-on-year in the fourth quarter and over 62% for the full year. Digital now represents more than 17% of group revenue, up significantly from last year. In Q4, more than 20% of our revenues were digital service revenues. Following your request, we are including EBITDA for direct digital revenues to our set of disclosures. For 2025, EBITDA from digital services reached 207 million with an EBITDA margin of 27.3%. This shows that digital ecosystem is not only growing quickly, it is also becoming profitable at scale. The third theme is execution of our asset-light strategy. During the year, we completed the sale of our Pakistan Tower portfolio, deconsolidated TNS+, reducing our leverage and strengthening our balance sheet. We launched direct-to-sale connectivity with Starlink, which is already live in Ukraine and Kazakhstan, and this capability will expand to Bangladesh in 2026. These initiatives demonstrate how we are combining connectivity, digital platforms, and new technologies requiring less capex to create long-term growth. Finally, we continue to unlock value for shareholders. The listing of Kyivstar on Nasdaq was a landmark achievement. This quarter, we are further increasing the float with a successful secondary offering which was completed about a month ago. Today, Kyivstar is valued by the market at $2.4 billion, with Veon's stake worth approximately $2 billion alone. During 2025, we strengthened liquidity, reduced leverage, and continued to execute our share buyback program. We believe Veon's ADSs remain significantly undervalued. And today, we are announcing our policy of continuing to repurchase at least $100 million of shares annually. Let's move to the next slide. Our strategy is clearly translating into strong financial results. Group revenue reached $4.4 billion in 2025, growing 9.9% in US dollar terms. Telecom and infrastructure revenues grew 3% even after the consolidation of TNS Plus, Diodar, and Kyrgyzstan, supported by average revenue per user growth driven by strong subscriber engagement. On a like-for-like basis, as the retailers would call it, the same store sales, the revenue growth would have been 11% for the year. At the same time, digital revenues grew more than 62%, reaching $759 million. Digital growth is not just about scale. It is not a vanity. It is contributing to profitability and cash flow. This year, we have exceeded a VTA of $2 billion, with margins expanding 350 basis points to 45.7%. This reflects both operational discipline and benefits of scale. Next slide please. Our growth continues to outpace inflation across our markets. Pricing control empowered by value propositions remains strong. Our ability to implement fair value pricing Leveraging low customer acquisition costs and effective distribution enables us to gain wallet share from customers. Our digital ecosystem continues to scale rapidly. Digital revenues reached 759 million representing 17% of our group revenues for the full year. Financial services remain our largest digital category. with strong growth also coming from entertainment platforms, ride hailing and delivery, premium digital services and enterprise solutions. Digital services business model have much lower capital intensity which supports equally strong cash flow conversion. Next slide. Multiplay customers are a key driver of our growth. These are customers who are using connectivity plus at least one of our digital services. Multiplay customers generate nearly four times the ARPU of voice-only users and their churn rate is one-third. Today, Multiplay accounts for 56% of our total consumer revenues and continues to grow rapidly. This demonstrates the power of our integrated connectivity and digital ecosystems. Next slide, please. Growth across our markets remains balanced and resilient. Pakistan, Ukraine, Kazakhstan continue to deliver strong momentum. Bangladesh returned to positive growth during the year. Uzbekistan continues to expand steadily. This diversified footprint provides stability and long-term growth opportunities. Our financial services business in Pakistan continues to perform strongly. Monthly active users reached 21.5 million. The merchant base expanded to over 511,000. Transaction value reached 53 billion, equivalent to around 13% of Pakistan's GDP. Moblink Bank scales rapidly with a loan portfolio of 264 million and a world-class loan quality. This positions us well to support Pakistan transition to a digital financial ecosystem. Next slide. Across our ecosystem, we now serve more than 135 million active digital service users. Three-month active digital service users exceeded 200 million, already larger than our telecom subscriber base. Digital-only customers also grew strongly, reaching 33 million. Total transaction value across the ecosystem reached 55 billion, growing more than 50% year-on-year. This is not growth. This is a structural shift demonstrating the scale and engagement of our digital platforms. Our consumer digital platforms continue to scale Over several verticals, financial services, entertainment, healthcare, ride-hailing, marketplaces, and super apps together now reach tens of millions of users across our markets. At the same time, our premium digital brands, virtual digital operators such as Easy, Rocks, Oak, or Rice are creating unique experiences with integrated telecom and lifestyle services such as augmented intelligence, mobility, education, healthcare, and e-commerce. These platforms deepen engagement and create multiple monetization opportunities. Next slide, please. Our enterprise platforms are also evolving into technology businesses serving governments and corporations. This quarter, we launched Buildex in Uzbekistan, strengthening our regional AI and software capabilities. Across our enterprise hubs, we now have around 2,000 engineers and data scientists building cloud, augmented intelligence, and data analytics solutions. Our ad-tech platform now reaches over 98 million screens, enabling AI-driven advertising across our entertainment platforms. Next slide. Augmented intelligence is becoming a core part of our value proposition. From raw data to digital services, our next frontier is to offer our customers a better version of themselves, a priceless value proposition. Superhero capabilities. Making a doctor a better doctor, a teacher a better teacher, a farmer a more productive one. Through augmented intelligence capabilities, we are embedding AI across our platform services and enterprise offerings. We are developing local language large models, including Kazakh, Ukrainian models, and Urdu Özbek Bengali in the making. These initiatives are already delivering measurable results. I see no reason why we cannot offer the healthcare services today, available only to the wealthiest, to everyone at a fraction of a cost. There is no reason why best doctor not to be in Karachi, best teacher not to be in Dhaka. Most productive farmer will be in Almaty or Edesa. Today, our augmented intelligence enabled customer care tools handles close to 1 million interactions each month, creating better experience at a fraction of a cost. I can see these numbers growing tenfold over the next two years. With that, I will hand the call over to Burak.