VEON VEON Ltd

Dubai and Amsterdam, 6 June 2024: VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services (“VEON” or, together with its subsidiaries, the “Group”), today holds its Capital Markets Day (“CMD 2024”), sharing its medium-term financial and operational ambitions, as well as its growth strategy through 2027.

In its CMD 2024 materials, the Group will disclose the following key ambitions through 2027:

• Medium-term revenue growth at a compound annual growth rate (“CAGR”) from 2023 to 2027 of 16%-19% in local currency.
• Medium-term EBITDA growth with a CAGR from 2023 to 2027 of 19%-22% in local currency.
• EBITDA margin expansion by 3 percentage points by 2027.
• USD 900 million to 1.0 billion in equity free cashflow (“EFCF”) by 2027.
• Focusing on its DO1440 and AI1440 strategy, increasing the share of multiplay customers to 50% by the end of 2027 and capturing greater wallet share through expansion in adjacent verticals.

The Group’s medium-term ambitions also include decreasing leverage; increasing the share of localized debt, with the share of USD and EUR-denominated debt decreasing to below 50%. The Group aims to maintain a leverage ratio below 1.5x and extend the average tenor of its debt from 3.4 years in Q1 2024 to over 4 years by 2027.

“Over the past three years, we have transformed our companies into digital operators and demonstrated that emerging markets are in fact an exciting growth opportunity for global investors. Our aspirations from 2023 through 2027 set the bar higher as we aim for 16%-19% CAGR growth in our Group revenues, 19%-22% CAGR growth in our Group EBITDA and close to USD 1 billion in equity free cash flow generation. As our investors will hear at our Capital Markets Day, we are optimistic about the potential of our markets, and confident in the foundations that we built with our digital operator strategy to capture wallet share. Furthermore, we are also set to unlock greater growth opportunities with augmented intelligence as we launch our AI1440 focus,” said Kaan Terzioglu, VEON Group CEO. “We remain focused on turning this operational success vision into investor value with further steps in delayering our business and enhancing the accessibility of our assets to local investors.”

During VEON’s Capital Markets Day 2024, to be held at 10:00am Gulf Standard Time today virtually and in-person in Dubai, Group CEO Kaan Terzioglu and Group CFO Joop Brakenhoff will present the details of the Group’s strategy and key ambitions. In addition, the CEOs of VEON’s Group’s operating companies will provide updates on each of their companies’ ambitions through 2027, including the following:

Going forward, the Group aims to upstream dividends from all operating companies without restrictions, including from Ukraine, following an eventual softening of capital controls.

VEON 2024 CMD webcast and presentation

To register and access the CMD webcast, please click here or copy and paste this link to the address bar of your browser: https://veon-2024-investor-day.open-exchange.net/registration

Once registered, you will receive a registration confirmation message at the email address provided during registration with a link to access the webcast.

The full CMD presentation will be made available on the VEON website at https://www.veon.com/investors/ following the event.

About VEON

VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext. For more information visit: www.veon.com

Disclaimer

This release 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. Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON’s strategy, divestment plans and medium-term financial and operating ambitions. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events. Furthermore, elements of this release contain or may contain, “inside information” as defined under the Market Abuse Regulation (EU) No. 596/2014.

Contact

VEONHande Asik Group Director of Communications pr@veon.com

Investor RelationsFaisal Ghoriir@veon.com

Attachment

• VEON Capital Markets Day 2024

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