VEON’s Kyivstar Receives Further Recognition as Top International Investor in Ukraine

Amsterdam and Kyiv, 9 September 2024: VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, is pleased to share that its 100%-owned subsidiary Kyivstar has been named the fifth largest private sector investor in Ukraine across 2022 and 2023 by New Voice of Ukraine. This is the second Ukrainian publication that has recognised Kyivstar’s extensive investments, following a similar ranking by Forbes Ukraine in May 2024, making VEON, Kyivstar’s parent company, the top international investor in the Ukrainian economy on both lists.

“We are proud to invest in the future of Ukraine and honoured to see our efforts recognised by the country’s most prominent publications. Our commitment to the country remains ironclad: We have committed USD 1 billion in investments, which will not only provide state-of-the art connectivity, but also the expansion of digital services that are essential for the future resilience of the country.” said Kaan Terzioglu, VEON Group CEO.

The New Voice of Ukraine ratings looked at capital expenditures by private companies in 2022 and 2023. Kyivstar was ranked as the 5th largest private sector investor overall and the leader in the telecommunications industry, with UAH 13.4 billion in capital expenditure and investments (approximately USD 326 million in the Group’s reporting currency), making its 100% shareholder VEON the highest-ranking international investor in Ukraine.

Kyivstar’s efforts have focused on expanding its 4G coverage, ensuring network availability and energy resilience, and enabling digital services. As part of its investment programme, Kyivstar has built 5,600 new 4G base stations since 2022, with a further 15,000 cellular base stations upgraded from 3G to 4G. This has resulted in more than 4,000 new communities being connected to 4G coverage, bringing the share of Ukrainian controlled territory that has access to Kyivstar 4G to 95.5%.

Since 2022, Kyivstar has also invested more than UAH 1.4 billion to improve the energy redundancy of its network, supporting continued connectivity for Ukrainians through the attacks on the country’s power infrastructure. The operator recently launched the 2nd phase of its energy resilience investments.

In addition to these, Kyivstar also invests in Ukraine’s digital landscape. In August 2022, it acquired a controlling stake in Helsi, Ukraine’s leading digital healthcare platform, which now serves a registered base of 28 million users with a monthly active user base of 2.8 million as of June 2024. Kyivstar continues to support its customers, including Ukrainians abroad and Ukrainian businesses; and is a champion of country-wide initiatives, such as supporting the demining of Ukrainian territory in collaboration with the Come Back Alive Foundation.

In April 2024, Kyivstar was also recognised by New Voice of Ukraine as one of the top corporate donors in Ukraine. Since 2022, the company donated UAH 1.8 billion to social causes, the most of any company in the telecommunications sector. These include contributions to support local communities, charities and hospitals, as well as connecting bomb shelters and modular houses built for internally displaced people to free internet provided by Kyivstar. The Company also contributed UAH 300 million to “United 24” as one of the earliest corporate partners, supporting the Ukrainian Government’s program for the reconstruction of Ukraine's digital infrastructure.

About Kyivstar
Kyivstar is the largest telecommunications operator in Ukraine with 24 million mobile subscribers and over 1.1 million home internet subscribers. As Ukraine’s market-leading operator, Kyivstar maintained network availability above the 90% level on average throughout the past two years, supporting the connectivity of not only its own customers but also the broader Ukrainian population. Kyivstar is 100% owned by the international VEON Group.

About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext. For more information visit: www.veon.com

Disclaimer
This release contains “forward-looking statements”, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON’s investment plans, digital products, commercial plans and partnerships. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.

Contact Information
VEON
Hande Asik
Group Director of Communication
pr@veon.com

TUVA Partners
Julian Tanner
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