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    Chris Hoare • New Street Research

    Chris Hoare's questions to VEON Ltd (VEON) leadership

    Chris Hoare's questions to VEON Ltd (VEON) leadership • Q2 2025

    Question

    Chris Hoare from New Street Research sought clarification on the drivers of negative EBITDA growth in Kazakhstan and questioned if the full-year EBITDA guidance was conservative. He also asked about the timing and nature of the upcoming shareholder remuneration strategy.

    Answer

    Group CEO Kaan Terzioğlu and CFO Burak Ozer explained the Kazakhstan EBITDA trend was due to the delayed renewal of a tax rebate, which will be retroactively applied in Q3, adding ~$16M. Kaan Terzioğlu described the guidance as a 'prudent stance' and stated that an update on shareholder returns is planned for the Q3 announcement, balancing growth with remuneration.

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    Chris Hoare's questions to VEON Ltd (VEON) leadership • Q2 2025

    Question

    Chris Hoare from New Street Research asked for clarification on the negative EBITDA growth in Kazakhstan, whether the full-year EBITDA guidance was conservative, and for an update on the company's shareholder remuneration strategy following the completion of the buyback program.

    Answer

    Group CEO Kaan Terzioğlu and Group CFO Burak Ozer explained the Kazakhstan EBITDA decline was due to a lapsed tax rebate that has since been retroactively reinstated, with a ~$16 million positive impact expected in Q3. Regarding guidance, Terzioğlu stated they are taking a 'prudent stance.' He also confirmed that an update on shareholder remuneration will be provided in Q3, balancing growth investments with shareholder returns.

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    Chris Hoare's questions to VEON Ltd (VEON) leadership • Q2 2025

    Question

    Chris Hoare from New Street Research asked about the cause of negative EBITDA growth in Kazakhstan, the potential conservatism of the full-year EBITDA guidance, and the timing and nature of the upcoming shareholder remuneration strategy.

    Answer

    CEO Kaan Terzioğlu and CFO Burak Ozer clarified the Kazakhstan EBITDA decline was temporary, caused by a delayed tax rebate that has since been retroactively approved, which will create a positive ~$16 million impact in Q3. Terzioğlu described the full-year guidance as a 'prudent stance.' He confirmed that an update on shareholder remuneration is planned for Q3, which will balance returns with reinvestment in growth.

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    Chris Hoare's questions to Liberty Latin America Ltd (LILA) leadership

    Chris Hoare's questions to Liberty Latin America Ltd (LILA) leadership • Q2 2025

    Question

    Chris Hoare asked for clarification on the plan to spin out Puerto Rico, specifically which assets would be utilized for the liability management exercise. He also questioned if the remaining group would require further deleveraging post-separation before considering shareholder returns.

    Answer

    CEO Balan Nair declined to comment on the specifics of the liability management plan but affirmed the company has strong assets that provide financial flexibility. Regarding leverage, Nair stated the remaining company would organically delever through EBITDA growth and strong cash flow generation, creating optionality for capital returns like dividends or buybacks. CFO Chris Noyes added that the remaining debt structure is long-term, enhancing this flexibility.

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    Chris Hoare's questions to Liberty Latin America Ltd (LILA) leadership • Q1 2025

    Question

    Chris Hoare followed up on CapEx in Puerto Rico, questioning if the recent lower level is sustainable, and asked about the potential to use assets within Puerto Rico to strengthen its balance sheet ahead of the upcoming debt refinancing.

    Answer

    CEO Balan Nair explained that while reported segment CapEx for Puerto Rico seems low, group-level CapEx for shared platforms brings the region's total spend to a mid-to-high 15% range, indicating they are not underspending. CFO Christopher Noyes added that the primary focus ahead of the mid-to-late 2026 refinancing is to improve the operation's financial results, which will in turn crystallize and improve the value of the assets.

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