New Street Research - VEON Ltd. Sponsored ADR (VEON) VEON (Buy, $100, +126%) [Sponsored Research] Q4 25 Quick Take: Very strong quarter, 2026 guidance well ahead and positive shareholder remuneration policy, but unexpected $170m charge

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New Street Research

Chris Hoare

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VEON (Buy, $100, +126%) [Sponsored Research] Q4 25 Quick Take: Very strong quarter, 2026 guidance well ahead and positive shareholder remuneration policy, but unexpected $170m charge

VEON printed a strong quarter, with Q4 revenue beating us by 4% and EBITDA ahead of us by 16%. The company has also announced a shareholder remuneration policy consisting of a minimum of $100m in share buybacks annually. However, we were surprised to hear of a $170m charge to settle claims from a previous minority partner in Pakistan

13/03/2026 1 EN

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VEON Ltd. Sponsored ADR

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US91822M1062 NASDAQ Stock Market United States

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Chris Hoare

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VEON Delivers Record Digital Growth: 4Q25 Digital Revenues Grow 84% to 20.1% of Total, Driving 17% Revenue and 29% EBITDA Growth in 4Q25

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VEON’s Largest Market Pakistan Almost Triples Mobile Spectrum in Reform Push; Jazz Secures Largest Allocation with 190 MHz

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VEON (Buy, $100, +126%) [Sponsored Research] Q4 25 Quick Take: Very strong quarter, 2026 guidance well ahead and positive shareholder remuneration policy, but unexpected $170m charge

VEON Delivers Record Digital Growth: 4Q25 Digital Revenues Grow 84% to 20.1% of Total, Driving 17% Revenue and 29% EBITDA Growth in 4Q25

VEON’s Largest Market Pakistan Almost Triples Mobile Spectrum in Reform Push; Jazz Secures Largest Allocation with 190 MHz

MTN (Buy, TP: ZAR280, +54%) MTN Uganda – Q4 25: Decent quarter; MT guidance maintained for SR and EBITDA but lifted for capex

AT&T Quick Hit: An understandably jittery market digests new wireless pricing

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