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    Adrian Cundy • Emerging & Frontier Capital LLP

    Adrian Cundy's questions to VEON Ltd (VEON) leadership

    Adrian Cundy's questions to VEON Ltd (VEON) leadership • Q2 2025

    Question

    Adrian Cundy from Emerging & Frontier Capital LLP asked about strategies to increase 4G adoption, the revenue contribution from 4G and multiplay users, the deployment of 4.9G/MIMO networks, and the specific financial cost breakdown of the Kyivstar de-SPAC transaction.

    Answer

    Group CEO Kaan Terzioğlu detailed the '4G for all' strategy, including smartphone initiatives, and noted that multiplay customers now generate 54% of total revenue. Group CFO Burak Ozer specified the de-SPAC impact would be a $50-$100 million charge at the VEON level based on share price, plus $30-$50 million in transaction costs booked to equity.

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    Adrian Cundy's questions to VEON Ltd (VEON) leadership • Q2 2025

    Question

    Adrian Cundy from Emerging & Frontier Capital LLP asked about strategies to increase 4G adoption, the revenue contribution from 4G multiplay users, the deployment of 4.9G/MIMO technology, and the accounting breakdown of the Kyivstar SPAC transaction costs.

    Answer

    Group CEO Kaan Terzioğlu detailed the '4G for all' strategy, including offering pre-loaded smartphones, and noted that multiplay customers generate 54% of revenue. He confirmed the use of Massive MIMO to enhance service quality. Group CFO Burak Ozer clarified that SPAC transaction costs of $30-50 million will be booked to equity, with a parent-level P&L impact of $50-100 million depending on the closing share price.

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    Adrian Cundy's questions to VEON Ltd (VEON) leadership • Q2 2025

    Question

    Adrian Cundy from Emerging & Frontier Capital LLP asked about strategies to increase 4G adoption, the revenue contribution from 4G and multiplay users, the deployment of 4.9G/MIMO technology, and the cost breakdown of the Kyivstar de-SPAC transaction.

    Answer

    CEO Kaan Terzioğlu explained that 4G and multiplay customers generate approximately 70% of revenue, with strategies to boost adoption including bundling smartphones with digital services. He confirmed the use of 4.9G technologies like Massive MIMO to enhance service quality. CFO Burak Ozer detailed the de-SPAC's financial effects, estimating a $50-100 million non-cash charge at the VEON parent level and $30-50 million in transaction costs booked to equity.

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