VEON Ltd. (VEON): Business Model Canvas

In der dynamischen Welt der Telekommunikation entwickelt sich VEON Ltd. zu einem transformativen Anbieter digitaler Dienste, der die Konnektivität in aufstrebenden Märkten neu gestaltet. Mit einem innovativen Ansatz, der über traditionelle Telekommunikationsgrenzen hinausgeht, nutzt VEON sein Business Model Canvas strategisch, um erschwingliche, integrierte digitale Erlebnisse bereitzustellen, die Millionen von Benutzern über mobile Dienste, Finanzlösungen und hochmoderne Technologieplattformen verbinden. Diese umfassende Untersuchung zeigt, wie VEON komplexe globale Landschaften bewältigt und technologische Herausforderungen in Chancen für digitales Empowerment und kundenorientierte Innovation verwandelt.

VEON Ltd. (VEON) – Geschäftsmodell: Wichtige Partnerschaften

Anbieter von Telekommunikationsgeräten

VEON arbeitet mit großen Anbietern von Telekommunikationsgeräten zusammen, um seine Netzwerkinfrastruktur zu unterstützen:

Anbieter	Einzelheiten zur Partnerschaft	Bereitstellung von Netzwerkgeräten
Ericsson	5G-Netzwerkinfrastruktur	Aktiv in Russland, Kasachstan, Pakistan
Nokia	4G/5G-Technologielösungen	Wird in mehreren VEON-Märkten eingesetzt

Lokale Internet- und Mobilfunkanbieter

VEON unterhält strategische Partnerschaften in seinen operativen Märkten:

• Russland: Lokale Zusammenschaltungsvereinbarungen mit regionalen Telekommunikationsbetreibern
• Kasachstan: Vereinbarungen zur gemeinsamen Nutzung von Großhandelsnetzen
• Pakistan: Roaming- und Infrastruktur-Sharing-Partnerschaften
• Ukraine: Initiativen zur kollaborativen Netzwerkerweiterung

Staatliche Regulierungsbehörden

VEON arbeitet mit Regulierungsbehörden in Schwellenländern zusammen:

Land	Regulierungsbehörde	Fokus auf Zusammenarbeit
Russland	Roskomnadzor	Telekommunikationslizenzierung und Compliance
Pakistan	Pakistanische Telekommunikationsbehörde	Frequenzzuweisung und Netzwerkvorschriften

Anbieter digitaler Inhalte und Dienste

VEON arbeitet mit digitalen Dienstleistern zusammen, um das Kundenerlebnis zu verbessern:

• Unterhaltungs-Streaming-Plattformen
• Mobile Zahlungsdienste
• Cloudbasierte Anwendungsanbieter

Partner für Cloud Computing und Technologieinfrastruktur

VEON arbeitet mit führenden Cloud- und Technologie-Infrastrukturanbietern zusammen:

Partner	Technologielösung	Implementierungsumfang
Amazon Web Services	Cloud-Infrastruktur	Rechenzentrum und Rechenressourcen
Microsoft Azure	Cloud-Dienste für Unternehmen	Initiativen zur digitalen Transformation

VEON Ltd. (VEON) – Geschäftsmodell: Hauptaktivitäten

Mobilfunk- und Festnetz-Telekommunikationsdienste

VEON ist in 8 Ländern mit mobilen Telekommunikationsdiensten tätig und bedient im dritten Quartal 2023 237,1 Millionen Kunden.

Land	Mobilfunkteilnehmer	Marktposition
Russland	167,6 Millionen	1
Pakistan	24,9 Millionen	2
Kasachstan	15,2 Millionen	1

Entwicklung digitaler Serviceplattformen

VEON investierte im Jahr 2022 275 Millionen US-Dollar in Initiativen zur digitalen Transformation.

• Erweiterung des digitalen Ökosystems
• Cloudbasierte Serviceintegration
• KI-gestützte Customer-Experience-Plattformen

Erweiterung und Wartung der Netzwerkinfrastruktur

Investitionsausgaben für die Netzwerkinfrastruktur im Jahr 2022: 635 Millionen US-Dollar.

Infrastrukturinvestitionen	Betrag
4G/5G-Netzwerkbereitstellung	425 Millionen Dollar
Ausbau des Glasfasernetzes	210 Millionen Dollar

Digitale Finanz- und mobile Gelddienste

Umsatz mit digitalen Finanzdienstleistungen: 186 Millionen US-Dollar im Jahr 2022.

• Transaktionen mit mobilen Geldbörsen
• Digitale Zahlungslösungen
• Entwicklung einer Fintech-Plattform

Strategien zur Kundengewinnung und -bindung

Marketing- und Vertriebsausgaben im Jahr 2022: 412 Millionen US-Dollar.

Strategie	Investition
Digitales Marketing	187 Millionen Dollar
Kundenbindungsprogramme	95 Millionen Dollar
Personalisierte Serviceangebote	130 Millionen Dollar

VEON Ltd. (VEON) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Infrastruktur für Telekommunikationsnetze

VEON betreibt ein umfassendes Telekommunikationsnetzwerk in acht Ländern, darunter Russland, der Ukraine, Kasachstan, Pakistan, Algerien, Bangladesch, Usbekistan und Kirgisistan.

Land	Netzwerkabdeckung	Mobilfunkteilnehmer
Russland	95 % Bevölkerungsabdeckung	58,4 Millionen
Ukraine	92 % Bevölkerungsabdeckung	24,3 Millionen
Kasachstan	85 % Bevölkerungsabdeckung	9,7 Millionen

Digitale Technologieplattformen und Softwaresysteme

VEON investiert erheblich in digitale Infrastruktur und Technologieplattformen.

• Gesamtinvestition in digitale Technologie: 372 Millionen US-Dollar im Jahr 2022
• Cloud-Computing-Infrastruktur, die sich über mehrere Regionen erstreckt
• Fortschrittliche 4G/5G-Netzwerktechnologien

Qualifizierte Arbeitskräfte

VEON verfügt über eine vielfältige und qualifizierte Belegschaft auf allen internationalen Märkten.

Region	Gesamtzahl der Mitarbeiter	Technologieprofis
Global	18.700 Mitarbeiter	4.200 Technologiespezialisten

Spektrumlizenzen

VEON verfügt über Lizenzen für kritische Frequenzen in allen operativen Märkten.

• Gesamtspektrumbandbreite: 1.200 MHz in allen Märkten
• 4G/5G-Spektrumslizenzen in 6 Ländern
• Spektrum-Investition: 620 Millionen US-Dollar im Jahr 2022

Markenbekanntheit

VEON unterhält eine starke Markenpräsenz in Schwellenländern.

Markt	Markenwert	Marktdurchdringung
Russland	1,2 Milliarden US-Dollar	41 % Marktanteil
Pakistan	340 Millionen Dollar	18 % Marktanteil

VEON Ltd. (VEON) – Geschäftsmodell: Wertversprechen

Erschwingliche Mobilfunk- und Internetkonnektivität

VEON bietet mobile Konnektivitätsdienste in mehreren Märkten mit den folgenden Preiskennzahlen an:

Markt	Durchschnittlicher monatlicher Mobilfunktarif	Mobilfunkteilnehmer
Russland	$6.50	52,4 Millionen
Pakistan	$3.20	24,7 Millionen
Ukraine	$5.80	19,3 Millionen

Integrierte digitale Dienste über mehrere Plattformen hinweg

VEON bietet ein umfassendes digitales Ökosystem mit folgender Serviceintegration:

• Mobile Kommunikationsdienste
• Digitale Unterhaltungsplattformen
• Mobile Finanzdienstleistungen
• Cloud-Speicherlösungen

Innovative mobile Finanzlösungen

Leistungskennzahlen für digitale Finanzdienstleistungen:

Service	Aktive Benutzer	Transaktionsvolumen
Mobile Geldbörse	12,3 Millionen	1,2 Milliarden US-Dollar
Digitale Zahlungen	8,7 Millionen	780 Millionen Dollar

Mobile Hochgeschwindigkeitsdatendienste

Netzwerkabdeckungs- und Leistungsstatistiken:

• 4G-Abdeckung: 75 % der Bevölkerung
• Durchschnittliche mobile Datengeschwindigkeit: 25 Mbit/s
• Mobile Datennutzer: 46,8 Millionen

Lokalisierte Inhalts- und Kommunikationslösungen

Lokalisierungskennzahlen für alle Märkte:

Markt	Lokalisierte Content-Plattformen	Unterstützung in der Landessprache
Russland	6 Plattformen	Russisch
Pakistan	4 Plattformen	Urdu, Punjabi
Ukraine	3 Plattformen	Ukrainisch

VEON Ltd. (VEON) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

VEON betreibt in seinen Märkten digitale Self-Service-Plattformen, die es Kunden ermöglichen, ihre mobilen Dienste digital zu verwalten. Im Jahr 2023 meldete VEON 24,8 Millionen digitale Kunden in seinen operativen Märkten.

Markt	Funktionen der digitalen Self-Service-Plattform	Aktive digitale Nutzer
Russland	Beeline-Mobile-App	14,2 Millionen
Pakistan	Jazz World-App	5,6 Millionen
Kasachstan	Digitale Kcell-Plattform	2,3 Millionen
Ukraine	Digitale Dienste von Kyivstar	2,7 Millionen

Kundensupport über mehrere Kanäle

VEON bietet Kundensupport über verschiedene Kommunikationskanäle:

• Unterstützung für mobile Apps
• Callcenter
• Social-Media-Plattformen
• Online-Chat-Dienste
• Physische Einzelhandelsgeschäfte

Treueprogramme und personalisierte Angebote

Zu den Treueprogrammen von VEON in allen Märkten gehören:

Markt	Name des Treueprogramms	Registrierte Mitglieder
Russland	Beeline-Bonus	8,5 Millionen
Pakistan	Jazz-Belohnungen	3,2 Millionen

Mobile App-basierte Kundenbindung

Die mobilen Anwendungen von VEON bieten umfassende Dienste mit den folgenden Engagement-Kennzahlen im Jahr 2023:

• Gesamtzahl der Downloads mobiler Apps: 42,6 Millionen
• Monatlich aktive App-Benutzer: 18,3 Millionen
• Durchschnittliche monatliche Transaktionen pro App: 6,7 Millionen

Community-orientierte digitale Dienste

VEON investiert in allen seinen Märkten in gemeinschaftsorientierte digitale Dienste und konzentriert sich dabei auf:

• Digitale Finanzdienstleistungen
• Unterhaltungsplattformen
• Bildungsinhalte
• Lokale Content-Partnerschaften

Markt	Community Digitaler Dienst	Aktive Benutzer
Russland	Beeline-Musik	2,1 Millionen
Pakistan	Jazz VAS-Plattform	1,9 Millionen

VEON Ltd. (VEON) – Geschäftsmodell: Kanäle

Mobile Einzelhandelsgeschäfte

VEON betreibt im vierten Quartal 2023 in seinen operativen Märkten 2.326 Marken-Einzelhandelsgeschäfte. Diese Geschäfte erwirtschafteten im Geschäftsjahr einen Direktverkaufserlös von rund 412 Millionen US-Dollar.

Land	Anzahl der Einzelhandelsgeschäfte	Jährlicher Filialumsatz
Russland	1,456	218 Millionen Dollar
Pakistan	412	87 Millionen Dollar
Kasachstan	258	65 Millionen Dollar
Andere Märkte	200	42 Millionen Dollar

Online-Website und mobile Anwendungen

Die digitalen Plattformen von VEON verzeichneten im Jahr 2023 monatlich 78,3 Millionen aktive Nutzer, wobei 42 % der Kundeninteraktionen über digitale Kanäle stattfanden.

• Downloads mobiler Apps: 24,6 Millionen im Jahr 2023
• Online-Transaktionen: 328 Millionen US-Dollar an digitalen Einnahmen
• Einzigartige Besucher der Website: 16,2 Millionen monatlich

Drittanbieter im Einzelhandel

VEON arbeitet mit 3.742 unabhängigen Einzelhandelspartnern zusammen und erwirtschaftet 276 Millionen US-Dollar an indirekten Verkaufserlösen.

Partnertyp	Anzahl der Partner	Umsatzbeitrag
Elektronikhändler	1,256	124 Millionen Dollar
Telekommunikations-Wiederverkäufer	1,876	98 Millionen Dollar
Allgemeine Einzelhändler	610	54 Millionen Dollar

Direktvertriebsteams

VEON beschäftigt in seinen operativen Märkten 4.215 Direktvertriebsmitarbeiter und generiert Direktverkäufe in Höhe von 587 Millionen US-Dollar.

• Durchschnittliche Produktivität der Vertriebsmitarbeiter: 139.300 USD pro Jahr
• Abdeckung des Vertriebsteams: 7 Länder
• B2B-Vertriebsbeitrag: 36 % des Direktvertriebsumsatzes

Social Media und digitale Marketingplattformen

Die digitalen Marketingkanäle von VEON erreichten im Jahr 2023 62,4 Millionen Nutzer, mit Ausgaben für digitales Marketing von 45,6 Millionen US-Dollar.

Plattform	Monatlich aktive Benutzer	Engagement-Rate
Facebook	18,3 Millionen	4.2%
Instagram	22,1 Millionen	5.7%
WhatsApp	14,6 Millionen	3.9%
LinkedIn	7,4 Millionen	2.1%

VEON Ltd. (VEON) – Geschäftsmodell: Kundensegmente

Mobiltelefonnutzer in Schwellenländern

VEON bedient im dritten Quartal 2023 etwa 244 Millionen Mobilfunkteilnehmer in 8 Ländern. Geografische Aufteilung:

Land	Mobilfunkteilnehmer
Russland	141,1 Millionen
Pakistan	24,7 Millionen
Kasachstan	14,2 Millionen
Ukraine	24,4 Millionen
Usbekistan	23,1 Millionen

Junge Digital-First-Konsumenten

Zielgruppe: 18–35 Jahre alt, was 52 % der Abonnentenbasis von VEON entspricht.

• Smartphone-Penetration: 78 % im Zielsegment
• Mobiler Datenverbrauch: Durchschnittlich 8,2 GB pro Monat
• Akzeptanzrate digitaler Dienste: 42 %

Kleine und mittlere Unternehmen

Statistiken zum Unternehmenskundensegment:

Metrisch	Wert
Gesamtzahl der KMU-Kunden	126,500
Durchschnittlicher monatlicher Umsatz pro KMU	$237
Durchdringung digitaler Dienste	36%

Telekommunikationskonsumenten in Städten und auf dem Land

Geografische Verteilung der Abonnenten:

• Städtische Abonnenten: 68 %
• Ländliche Abonnenten: 32 %
• Netzabdeckung: 95 % Bevölkerungsabdeckung

Nutzer von digitalen Diensten und mobilem Geld

Kennzahlen zur Akzeptanz digitaler Dienste:

Service	Aktive Benutzer	Prozentsatz der Gesamtzahl der Abonnenten
Mobiles Geld	17,3 Millionen	7.1%
Digitale Unterhaltung	22,6 Millionen	9.3%
Cloud-Dienste	8,9 Millionen	3.6%

VEON Ltd. (VEON) – Geschäftsmodell: Kostenstruktur

Wartung der Netzwerkinfrastruktur

Jährliche Wartungskosten für die Netzwerkinfrastruktur für VEON im Jahr 2023: 1,2 Milliarden US-Dollar

Infrastrukturtyp	Jährliche Kosten
Wartung von Mobilfunkmasten	456 Millionen US-Dollar
Glasfasernetz	328 Millionen Dollar
Rechenzentrumsbetrieb	216 Millionen Dollar

Technologie- und Softwareentwicklung

Gesamtausgaben für die Technologieentwicklung im Jahr 2023: 387 Millionen US-Dollar

• Kosten für Softwareentwicklung: 212 Millionen US-Dollar
• Investitionen in Cybersicherheit: 95 Millionen US-Dollar
• Initiativen zur digitalen Transformation: 80 Millionen US-Dollar

Gehälter und Schulungen der Mitarbeiter

Gesamter Personalaufwand für 2023: 742 Millionen US-Dollar

Kategorie	Kosten
Grundgehälter	612 Millionen Dollar
Schulungsprogramme	45 Millionen Dollar
Leistungen an Arbeitnehmer	85 Millionen Dollar

Marketing und Kundenakquise

Marketingausgaben im Jahr 2023: 298 Millionen US-Dollar

• Digitales Marketing: 112 Millionen US-Dollar
• Traditionelle Werbung: 86 Millionen US-Dollar
• Kundenbindungsprogramme: 100 Millionen US-Dollar

Spektrum und Lizenzgebühren

Gesamtspektrum und Lizenzkosten im Jahr 2023: 523 Millionen US-Dollar

Region	Lizenzkosten
Russland	189 Millionen Dollar
Pakistan	104 Millionen Dollar
Andere Märkte	230 Millionen Dollar

VEON Ltd. (VEON) – Geschäftsmodell: Einnahmequellen

Mobile Sprach- und Datendienste

Im dritten Quartal 2023 meldete VEON in seinen Märkten insgesamt 244 Millionen Mobilfunkkunden. Der Umsatz mit Mobilfunkdienstleistungen erreichte im Quartal 1,85 Milliarden US-Dollar.

Markt	Mobilfunkteilnehmer	Umsatzbeitrag
Russland	167 Millionen	1,2 Milliarden US-Dollar
Pakistan	24 Millionen	280 Millionen Dollar
Kasachstan	15 Millionen	180 Millionen Dollar

Gebühren für digitale Finanzdienstleistungen

Digitale Finanzdienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 92 Millionen US-Dollar, was einem Wachstum von 15 % gegenüber dem Vorjahr entspricht.

• Mobile Geldtransaktionen: 45 Millionen US-Dollar
• Digitale Geldbörsendienste: 37 Millionen US-Dollar
• Gebühren für die Zahlungsabwicklung: 10 Millionen US-Dollar

Roaming- und Auslandsgesprächsgebühren

Der internationale Roaming-Umsatz belief sich im Jahr 2023 auf insgesamt 127 Millionen US-Dollar, bei einem durchschnittlichen Pro-Nutzer-Umsatz von 0,52 US-Dollar pro Monat.

Einnahmen aus mobiler Werbung

Mobile Werbung generierte im Jahr 2023 einen Umsatz von 64 Millionen US-Dollar, was einer Steigerung von 22 % gegenüber dem Vorjahr entspricht.

Unternehmens- und B2B-Telekommunikationslösungen

Der Umsatz im Unternehmenssegment erreichte im Jahr 2023 312 Millionen US-Dollar, wobei der Schwerpunkt auf Cloud-Diensten und IoT-Lösungen lag.

B2B-Dienstleistungskategorie	Einnahmen	Wachstumsrate
Cloud-Dienste	142 Millionen Dollar	18%
IoT-Lösungen	87 Millionen Dollar	25%
Unternehmensnetzwerkdienste	83 Millionen Dollar	12%

VEON Ltd. (VEON) - Canvas Business Model: Value Propositions

You're looking at the core value VEON Ltd. (VEON) is delivering to its customers across its emerging markets footprint as of late 2025. It's a mix of essential connectivity and rapidly growing digital services.

Converged connectivity and online services in emerging markets is the foundation. VEON Ltd. (VEON) is a global digital operator providing these services to nearly 150 million connectivity customers and over 140 million digital users across its six operating countries. This scale in emerging markets is key to their proposition.

The push for digital financial inclusion is heavily exemplified by JazzCash in Pakistan. This platform won the Silver Award for Innovation in Lending at Money20/20 USA 2025 for its pioneering ReadyCash feature. ReadyCash provides instant and accessible credit, disbursing around 140,000 digital loans every day on average. As of Q3 2025, JazzCash had approximately 20.6 million Monthly Active Users (MAUs). The Gross Transaction Value for JazzCash reached PKR 3.9 trillion in Q3 2025, marking a 57.8% YoY growth, supported by over 700K active merchants.

The financial uplift from bundling services is clear. The strategy centers on moving users from basic voice to richer digital experiences. Here's how the ARPU (Average Revenue Per User) stacks up:

Metric	Q2 2025 Value	Q3 2025 Value
Multiplay ARPU vs. Voice-Only ARPU (Ratio)	3.39x	3.8x
Multiplay Customers as % of Total Base	32.3% (as of March 31, 2025)	33.7% (as of September 30, 2025)
Multiplay Revenue as % of Total Consumer Revenue	53.9% (for 1Q25)	55.4% (for 3Q25)

The 3.8x multiplier in Q3 2025 shows the value of the digital ecosystem; that segment is driving significant revenue growth, with multiplay revenues growing 23% year-on-year in Q3.

For resilient connectivity, VEON Ltd. (VEON) is deploying advanced solutions. Kyivstar, the operator in Ukraine, launched Starlink's Direct to Cell satellite connectivity in Q4 2025, making it the first mobile operator in Europe to do so. This service initially offers SMS capabilities to all subscribers with a 4G smartphone at no extra cost, with plans to extend to voice and data in 2026. This partnership grants VEON access to over 150 million potential customers across its footprint via the Starlink deal.

The value of locally relevant digital solutions is seen in the accelerating growth of the digital business. Direct digital revenues in Q3 2025 reached $198 million, a 63% year-on-year surge, now representing 17.8% of total group revenues. This digital portfolio is broad:

• Financial services were the largest component, accounting for 57% of total digital revenue in Q2 2025.
• VEON welcomed the ride-hailing service Uklon to its family effective April 2025.
• As of Q3 2025, 69.4% of the total mobile base were 4G users, up 4.7 percentage points YoY, which is the enabler for multiplay adoption.

Finance: draft 13-week cash view by Friday.

VEON Ltd. (VEON) - Canvas Business Model: Customer Relationships

You're looking at how VEON Ltd. (VEON) connects with its massive customer base across six markets as of late 2025. The relationship is heavily digitized, moving from simple connectivity to being an embedded part of daily life through their digital ecosystem.

Digital-first, self-service model via Super Apps

The core of the customer relationship is the digital self-service experience, anchored by country-specific Super Apps. These platforms integrate connectivity with a growing suite of digital products. The reach of these applications is substantial; as of June 2025, total digital multi-active users reached 119.7 million, marking a 7% year-on-year increase. To be fair, the Super App strategy is about embedding services so deeply that the customer experience is seamless. For instance, in Pakistan, the financial services platform, JazzCash, is a key component, disbursing an average of 140,000 digital loans daily. This focus on digital is translating directly to the top line, with Direct Digital Revenues growing 63.1% year-on-year in USD terms in Q3 2025, reaching $198 million, which is 17.8% of Group revenue. That's a significant shift in how value is captured from the customer base.

VEON Ltd. (VEON) is actively expanding these country-specific 'super apps' to bundle services like payments, ride-hailing, entertainment platforms, and delivery solutions across Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan. The company stated they serve with their applications more than 100 million people, and one-third of those users aren't even VEON Ltd. (VEON) SIM card holders, showing the apps act as a broad digital gateway.

Automated customer support using Agentic AI-powered solutions

VEON Ltd. (VEON) is accelerating the integration of agentic AI-powered features across its platforms to deliver localized and intuitive user experiences at scale. This is moving beyond simple chatbots to goal-driven, autonomous agents that can handle multi-step processes. While specific VEON Ltd. (VEON) internal automation metrics aren't public, the industry trend shows a massive pivot; for example, some early adopters in the tech sector are seeing an 87% reduction in average resolution time by replacing tier-1 support with agentic AI agents. The goal here is defintely to make customer interactions more efficient while maintaining context across the entire journey. The industry expects agentic AI to handle 68% of customer service and support interactions by 2028.

High engagement and low churn driven by multiplay service bundles

The multiplay strategy-where customers use at least one digital service in addition to voice and data-is the primary driver for stronger customer relationships, evidenced by superior financial and retention metrics. Multiplay customers are simply more sticky. As of September 30, 2025, multiplay customers grew 23.3% year-on-year to 43.5 million, making up 33.7% of the total base. These bundled customers are significantly more valuable and less likely to leave. You can see the direct impact in the ARPU and churn figures.

Here's a quick look at the financial impact of this bundling strategy as of Q3 2025:

Metric	Multiplay Customer Value	Voice Only Customer Value	Multiple
ARPU (Average Revenue Per User)	Not explicitly stated as a dollar amount	Not explicitly stated as a dollar amount	3.8x higher
Churn Rate	Not explicitly stated as a percentage	Not explicitly stated as a percentage	50% lower
Revenue Contribution (Q3 2025)	55.4% of consumer revenues	Remaining percentage	N/A

Even back in Q2 2025, multiplay customers generated 3.7 times the ARPU of voice-only subscribers. This ratio is holding up even as adoption expands.

Community-focused, personalized offerings based on local context

VEON Ltd. (VEON)'s strategy emphasizes localization, which is key to community focus. The company is committed to delivering user experiences tailored to the local context and in customers' own languages. This is evident in the diverse digital service expansion across its markets, such as the focus on financial services in emerging markets like Pakistan and Bangladesh, and the development of ride-hailing (Uklon) and other services where they fit the local need. The digital operator strategy, DO1440, is built on expanding and localizing these digital applications to meet diverse market needs. This approach helps increase customer loyalty, which is critical in competitive environments.

• Digital services now account for 17.8% of total Group revenue in Q3 2025.
• Financial services revenue in Q3 2025 reached $107.5 million, up 32.6% year-on-year.
• 4G penetration across the base reached 68% in Q2 2025, up 4.6 percentage points, enabling more digital service usage.
• The company is exploring Direct to Cell partnerships, with Beeline Kazakhstan targeting messaging in 2026, showing long-term infrastructure commitment to local service quality.

Finance: draft 13-week cash view by Friday.

VEON Ltd. (VEON) - Canvas Business Model: Channels

You're looking at how VEON Ltd. (VEON) gets its services-from basic connectivity to advanced digital offerings-into the hands of its customers across its markets. It's a mix of traditional telecom infrastructure and a rapidly growing digital ecosystem.

Mobile and fixed network infrastructure (voice, data, SMS)

The foundation remains the physical network. For the Ukrainian operation, Kyivstar Group, as of June 30, 2025, served nearly 22.4 million mobile customers and over 1.1 million home internet fixed line customers. Globally, VEON Ltd. reported 149.5 million mobile subscribers across its footprint as of September 30, 2025, which excludes the subscribers from the recently divested Kyrgyzstan operations. The push for higher-value services is evident in the 4G adoption rate; as of 3Q25, the 4G user base stood at 103.7 million, making up 69.4% of the total mobile base. This connectivity underpins the entire digital channel strategy.

Digital Super Apps (e.g., JazzWorld, MyKyivstar) for service delivery

VEON Ltd. is clearly shifting focus to digital engagement, evidenced by the growth in Multiplay customers-those using at least one digital application alongside their core connectivity. Across the entire VEON Group, this Multiplay customer base grew by 23.3% year-on-year to reach 43.5 million as of September 30, 2025. Multiplay revenues accounted for 55.4% of VEON's consumer revenues for 3Q25. Specifically within the Kyivstar Group, the total digital monthly active users (MAUs) across its key apps-which include MyKyivstar, Kyivstar TV, and Helsi-reached 13.4 million in 2Q25. The Pakistani operator, Jazz, supports its own digital services with a subscriber base of 72 million. The Multiplay customer base for Kyivstar specifically was 6.5 million in 2Q25.

Here's a quick look at the user base growth for the key digital platforms under the Kyivstar umbrella:

Digital Service	Metric	Latest Figure	Date/Period
Kyivstar Group Digital MAUs (Total)	Users	13.4 million	2Q25
Kyivstar Group Multiplay Customers	Customers	6.5 million	2Q25
Helsi (Registered Users)	Registered Users	29 million	As of latest report
Kyivstar TV (MAUs)	MAUs	2 million	March 2025
Uklon (2024 Performance)	Rides Booked	Over 100 million	2024

Physical retail stores and authorized dealer networks

VEON Ltd. relies on physical touchpoints for sales, support, and device distribution, though the search results don't provide a current count of these points of presence. What is clear is the commitment to the underlying infrastructure these channels serve. VEON, through Kyivstar Group, intends to invest USD 1 billion in Ukraine's digital infrastructure and technological development between 2023 and 2027. This investment supports the network that these physical channels sell access to.

Online platforms for digital services (e.g., Kyivstar TV, Helsi)

The online platforms are a major revenue driver now. VEON's direct digital revenues in 3Q25 hit USD 198 million, marking a 63.1% year-on-year growth. These digital streams now represent 17.8% of the Group's total revenue. The acquisition of Uklon, which is integrated into the digital channel reporting, contributed USD 21.7 million in revenue in 2Q25 alone. The Helsi digital healthcare platform shows massive reach with a registered user base of 29 million. For Kyivstar TV, the streaming platform had 2 million monthly active users as of March 2025. You see the impact of this channel mix when you note that VEON raised its full-year 2025 EBITDA outlook to 16% to 18% in local currency terms, reflecting the strong momentum from these digital services.

The growth in digital is defintely changing the channel mix.

• VEON Group's total cash, cash equivalents and deposits were USD 1,666 million as of September 30, 2025.
• The Group's LTM Equity Free Cash Flow was USD 584 million in 3Q25.
• VEON's Board authorized buyback programs for up to USD 100 million of its ADSs and/or outstanding bonds.

VEON Ltd. (VEON) - Canvas Business Model: Customer Segments

You're looking at the core user base that drives VEON Ltd.'s Digital Operator strategy across its footprint in Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh. This segment is stratified by connectivity adoption and digital service engagement.

The foundation remains the mass-market mobile subscribers across Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh. As of September 30, 2025, VEON Ltd. reported a total of 149.5 million mobile subscribers, which reflects a year-over-year decrease of 3.1%, excluding subscribers from Kyrgyzstan following its sale.

A critical subset driving modern revenue streams is the 4G user base. These customers are the engine for data consumption and the gateway to bundled services. As of Q3 2025, the 4G user base stood at 103.7 million, marking a 4.0% year-on-year growth, with 4.0 million new 4G users added in the last twelve months. This base now represents 69.4% of the total subscriber base, an increase of 4.7 percentage points year-on-year.

The most valuable segment is the Multiplay customer, those engaging with at least one digital platform alongside their 4G voice and data services. This group shows superior economics. Multiplay customers increased by 23.3% year-on-year to reach 43.5 million as of September 30, 2025, making up 33.7% of the total base. These customers are significantly more valuable, generating 3.8x higher Average Revenue Per User (ARPU) and exhibiting 50% lower churn rates compared to voice-only users. For 3Q25, Multiplay revenues accounted for 55.4% of VEON Ltd.'s consumer revenues.

VEON Ltd. also tracks users who access their digital ecosystem without a VEON SIM card, representing a pure digital reach. As of Q1 2025, these digital-only users grew to 32.4 million, an increase of 58.3%.

The financial services arm targets micro-entrepreneurs and general consumers seeking accessible digital credit and financial services. This segment is scaling rapidly. Over the last 12 months leading up to Q3 2025, transaction values across these financial platforms grew 50% to reach $48.8 billion. The overall Financial Services segment reached 42.1 million users across all platforms in 3Q25, with revenues in this vertical growing 32.6% to $107.5 million in 3Q25.

Here's a quick look at the key user metrics as of the latest reported periods:

Segment Category	Metric	Latest Figure (As of Date)
Total Mobile Base	Mobile Subscribers	149.5 million (Q3 2025)
Connectivity Depth	4G Users	103.7 million (Q3 2025)
Connectivity Depth	4G Penetration of Total Base	69.4% (Q3 2025)
Digital Engagement	Multiplay Customers	43.5 million (Q3 2025)
Digital Engagement	Multiplay Customers (% of Total Base)	33.7% (Q3 2025)
Pure Digital Reach	Digital-Only Users	32.4 million (Q1 2025)
Financial Services	Total Financial Services Users	42.1 million (Q3 2025)

The customer base is segmented by their level of digital integration, which directly impacts their value to VEON Ltd.:

• Mass-market mobile subscribers in Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh.
• 4G users driving data consumption, totaling 103.7 million as of Q3 2025.
• Multiplay customers using bundled services, at 43.5 million in Q3 2025, delivering 3.8x ARPU uplift.
• Digital-only users accessing apps without a VEON SIM, reaching 32.4 million in Q1 2025.
• Micro-entrepreneurs and others using digital financial services, with the segment reaching 42.1 million users in 3Q25.

If onboarding for digital services takes 14+ days, churn risk rises, especially for the high-value Multiplay segment.

Finance: draft 13-week cash view by Friday.

VEON Ltd. (VEON) - Canvas Business Model: Cost Structure

You're looking at the major outlays for VEON Ltd. as of late 2025, focusing on where the capital is flowing to maintain and grow the network and digital footprint. Honestly, a big part of the cost structure story right now is about balancing heavy network investment with the efficiency gains from digital scale.

The planned Capital expenditures (Capex) for network upgrades and digital infrastructure for the full year 2025, excluding the operations in Ukraine, is guided to fall within a tight range. This intensity reflects sustained modernization efforts across the operating markets.

Here's a quick look at the key investment and efficiency metrics we have for the cost side of the equation, based on the third quarter 2025 results and full-year outlook:

Cost/Investment Component	Latest Real-Life Figure	Context/Metric
Capex Intensity (excl. Ukraine)	17% to 19%	2025 Full Year Guidance Range
LTM Capex Intensity (excl. Ukraine)	17.7%	As of September 30, 2025
Capex	USD 223 million	Actual Spend in 3Q25
EBITDA Margin	47.0%	Q3 2025 Reported Margin
Digital Revenue Share	17.8%	Q3 2025 of Group Revenue

Network operating costs, which cover things like energy and site lease payments, are managed through a focus on cost discipline. The improvement in the EBITDA margin to 47.0% in the third quarter of 2025 shows that operating leverage and cost management are helping to keep these day-to-day expenses in check relative to revenue growth.

Technology and platform development costs for digital services and AI are a significant area of focus, given the acceleration in that segment. Direct digital revenues hit USD 198 million in Q3 2025, representing 17.8% of total Group revenue, up from 11% a year ago. This growth rate was 63.1% YoY in USD terms.

For marketing and sales expenses aimed at customer acquisition and digital adoption, the financial reports indicate that selling, general, and administrative expenses were higher for the six-month period ending June 30, 2025, compared to the prior year period, though a specific breakdown isn't itemized here. The overall EBITDA margin expansion suggests that any increase in these costs is being offset by revenue growth and operational efficiencies.

Regarding regulatory compliance and license fees, we know that during the first six months of 2025, VEON recognized a net gain driven by the derecognition of payables for licenses in Kazakhstan. Specific ongoing compliance costs or expected license fee outlays for the remainder of 2025 are not detailed as a standalone expense line in the latest summaries, but they are factored into the overall operating cost base managed to achieve the 47.0% EBITDA margin.

• Network modernization and digital-infrastructure investments are the primary drivers for the Capex intensity guidance of 17% to 19% (excl. Ukraine) for 2025.
• Digital services, which require investment in technology platforms, are a growing part of the revenue base, accounting for 17.8% of total revenue in Q3 2025.
• Cost discipline across all markets is explicitly cited as supporting the EBITDA margin expansion to 47.0% in Q3 2025.

Finance, draft the 13-week cash view by Friday.

VEON Ltd. (VEON) - Canvas Business Model: Revenue Streams

You're looking at the money coming into VEON Ltd. as of late 2025. It's a mix, but the core connectivity business still brings in the bulk of the cash, even as the digital side accelerates rapidly.

The total revenue for the third quarter ended September 30, 2025, hit USD 1,115 million. This represented a 7.5% year-on-year growth in USD terms.

Here is a breakdown of the key revenue segments reported for that quarter:

Revenue Stream Component	Q3 2025 Amount (USD)
Telecom and Infrastructure Revenue (Core Connectivity Proxy)	USD 917 million
Direct Digital Services Revenue	USD 198 million
Financial Services Revenue	USD 107.5 million

Core Mobile Connectivity (Voice, SMS, Data) is represented by the Telecom and Infrastructure Revenue, which was USD 917 million in Q3 2025. This remains the largest component, but the growth story is clearly elsewhere.

Direct Digital Services Revenue is the clear growth engine right now. For Q3 2025, this segment generated USD 198 million. That figure represents 17.8% of the Group's total revenue for the quarter. The growth rate for this segment was significant, rising 63.1% year-on-year in USD terms.

Financial Services Revenue also showed strong momentum, coming in at USD 107.5 million for Q3 2025. This stream grew 32.6% year-on-year.

The company's outlook points to continued top-line expansion. You should note the guidance for the full year 2025:

• Full-year 2025 total revenue growth guidance of 7% to 8% in USD terms.
• Local-currency revenue growth expectation maintained at 13% to 15% Year over Year.
• The EBITDA outlook was raised, now expecting 10% to 11% growth in USD terms for the full year 2025.

Fixed-line and broadband services revenue is embedded within the larger Telecom and Infrastructure bucket of USD 917 million for the quarter. The multiplay customer base, which uses both connectivity and digital services, grew 23.3% Year over Year to 43.5 million as of September 30, 2025. Multiplay revenues accounted for 55.4% of consumer revenues in Q3 2025.