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    Vincent Fernando • Zero One Investment Research

    Vincent Fernando's questions to VEON Ltd (VEON) leadership

    Vincent Fernando's questions to VEON Ltd (VEON) leadership • Q2 2025

    Question

    Vincent Fernando of Zero One Investment Research inquired about the growth outlook and EBITDA potential for the recently acquired ride-hailing service Uklon, and its potential for expansion into other VEON markets like Kazakhstan.

    Answer

    Group CEO Kaan Terzioğlu described Uklon as a fast-growing, EBITDA-accretive, and cash-generative business with a dominant market share in Ukraine. He confirmed plans to extend Uklon's capabilities to other markets over the next four quarters, leveraging VEON's customer acquisition channels and super app ecosystem to drive further growth.

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    Vincent Fernando's questions to VEON Ltd (VEON) leadership • Q2 2025

    Question

    Vincent Fernando of Zero One Investment Research inquired about the growth trajectory and expansion plans for the recently acquired ride-hailing service, Uklon, given its strong initial EBITDA contribution. He also asked if recent growth was organic or driven by new investment from VEON.

    Answer

    Group CEO Kaan Terzioğlu described Uklon as a highly accretive asset with significant potential to expand into delivery and other markets within the next year. He clarified that Uklon's Q2 performance was entirely organic and that synergies from integrating with VEON's customer acquisition channels and super apps have not yet been realized, suggesting future growth potential.

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    Vincent Fernando's questions to VEON Ltd (VEON) leadership • Q2 2025

    Question

    Vincent Fernando of Zero One Investment Research inquired about the growth outlook and expansion strategy for the ride-hailing service, Uklon, particularly its potential extensibility into other VEON markets like Kazakhstan.

    Answer

    CEO Kaan Terzioğlu described Uklon as a fast-growing, cash-generative business with a dominant market share in Ukraine. He confirmed plans to expand Uklon's capabilities to other markets over the next four quarters, either organically or through M&A. He emphasized that Q2 results were purely organic and did not yet reflect synergies with VEON's broader ecosystem, suggesting future growth acceleration.

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