3Q26: VEON Delivers Double-Digit Growth as Digital Services Reach 27.2% of Revenue

Key Highlights * Total revenue increased 17.2% YoY to USD 1,307 million. Revenue for 9M26 grew 17.1% YoY to USD 3,779 million. * EBITDA for the quarter increased 10.1% YoY to USD 577 million. For 9M26, EBITDA grew 11.0% YoY to USD 1,645 million. * Digital revenue increased 45.9% YoY to USD 355 million, representing 27.2% of Group revenue, up 5.4 percentage points YoY. Digital EBITDA increased 54.5% YoY to USD 128 million, representing 36.0% EBITDA margin. * Group net profit for the quarter reached USD 225 million, of which net profit attributable to VEON shareholders was USD 187 million, representing diluted earnings per ADS of USD 2.67. * Free cash flow reached USD 201 million in 3Q26 (-33.8% YoY); excluding asset disposal proceeds, FCF grew 91.8%. * Mid-point of 2026 guidance raised. Revenue growth outlook now 16%-18% YoY (previously 15%-18%), EBITDA growth outlook now 10%-12% YoY (previously 9% to 12%). Capex intensity (excl. Ukraine) outlook maintained at 15% to 17% of revenues. * 1.55 million ADSs repurchased (for USD 112.5 million) out of an aggregate 2.9 million ADS buyback program. 1.08 million ADSs (1.5% of issued shares) cancelled effective October 20, 2026. All repurchased shares under program to be cancelled. * Telecommunications and infrastructure revenue grew 9.2% YoY to USD 952 million in 3Q26, with mobile ARPU increasing 4.7% YoY to USD 1.8, reflecting continued disciplined pricing, customer growth and higher data usage. * Multiplay customers reached 44.7 million, up 2.9% YoY, and generated 4.2x the ARPU of voice-only users, reinforcing the flywheel between connectivity, digital adoption and revenue growth. * Digital customers reached 221.1 million in 3Q26, up 8.2% YoY, demonstrating the scale of VEON's digital ecosystem. * Financial Services revenue grew 54.2% YoY to USD 166 million in 3Q26 and 48.2% YoY to USD 451 million in 9M26. Financial Services customers reached 59.7 million. * Digital EBITDA climbed 54.5% YoY to USD 128 million, representing 36.0% EBITDA margin. LTM Capex intensity was 6.9%. * Free cash flow reached USD 201 million in 3Q26 (-33.8% YoY); excluding asset disposal proceeds, FCF grew 91.8%. * Cash and cash equivalents stood at USD 2,033 million as of September 30, 2026, including USD 755 million at HQ. Leverage ratio stood at 1.05x, with a weighted average debt maturity of 4 years. * VEON recently launched a new buyback program to repurchase 3.9% of outstanding shares (represented by 2.9 million ADSs)– this follows USD 200 million in cumulative buybacks since August 2024. A first tranche of 1.08m ADSs (1.5% of outstanding shares) were cancelled effective October 20, 2026 in connection with the buyback program. VEON will cancel all additional shares acquired under the new buyback program. * Announced acquisition of Perfectum in Uzbekistan: advances industry consolidation and materially strengthens Beeline Uzbekistan’s spectrum portfolio. * Progressed collaboration with Starlink: Service launched in Kazakhstan and Bangladesh. Inclusive of Ukraine, the service now has over 13 million subscribers across VEON’s markets. * Established VEON’s digital financial services presence in Bangladesh: Secured approval for a digital banking license, while payment services provider Mukto Pay launched operations in November. * Signed a five-year memorandum of cooperation with the National Bank of Kazakhstan to explore digital payment services and integration with national payment infrastructure in Kazakhstan. * Strengthened Kyivstar's Enterprise Cloud proposition and digital ecosystem significantly with the announced acquisition of GigaCloud. * Enhanced long-term IT cost predictability and accelerated Digital Operator model with a 10-year strategic agreement with Amdocs. * Diversified and strengthened digital entertainment business with announced Jungo TV transaction. Dubai and New York, Nov 06, 2026 – VEON Ltd. (Nasdaq: VEON) reported results for the third quarter of 2026, delivering 17.2% YoY revenue and 10.1% YoY EBITDA growth and continued expansion of its digital businesses. Digital revenue rose 45.9% YoY, reaching 27.2% of Group revenue, while Digital EBITDA grew 54.5% YoY. On a like-for-like basis, Revenue, EBITDA and profit for the period grew 15.8%, 9.8% and 2.4% respectively for 3Q26, and 16.4%, 12.3% and 25.5% respectively for 9M26.