VEON Ltd. (VEON): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las telecomunicaciones, Veon Ltd. emerge como un proveedor de servicios digitales transformador que refleja la conectividad en los mercados emergentes. Con un enfoque innovador que trasciende los límites tradicionales de las telecomunicaciones, Veon aprovecha estratégicamente su lienzo de modelo de negocio para ofrecer experiencias digitales asequibles e integradas que conectan a millones de usuarios a través de servicios móviles, soluciones financieras y plataformas tecnológicas de vanguardia. Esta exploración integral presenta cómo Veon navega por los paisajes globales complejos, convirtiendo los desafíos tecnológicos en oportunidades para el empoderamiento digital y la innovación centrada en el cliente.

Veon Ltd. (Veon) - Modelo de negocio: asociaciones clave

Proveedores de equipos de telecomunicaciones

Veon colabora con los principales proveedores de equipos de telecomunicaciones para admitir su infraestructura de red:

Proveedor	Detalles de la asociación	Implementación de equipos de red
Ericsson	Infraestructura de red 5G	Activo en Rusia, Kazajstán, Pakistán
Nokia	Soluciones tecnológicas 4G/5G	Desplegado en múltiples mercados operativos de vinos

Proveedores locales de servicios de Internet y móviles

Veon mantiene asociaciones estratégicas en sus mercados operativos:

• Rusia: Acuerdos de interconexión local con operadores de telecomunicaciones regionales
• Kazajstán: arreglos al por mayor de intercambio de redes
• Pakistán: Asociaciones para compartir infraestructura y roaming
• Ucrania: iniciativas de expansión de redes colaborativas

Cuerpos reguladores del gobierno

Veon se involucra con entidades reguladoras en los mercados emergentes:

País	Cuerpo regulador	Enfoque de colaboración
Rusia	Roskomnadzor	Licencias de telecomunicaciones y cumplimiento
Pakistán	Autoridad de telecomunicaciones de Pakistán	Asignación de espectro y regulaciones de red

Contenido digital y proveedores de servicios

Veon se asocia con proveedores de servicios digitales para mejorar la experiencia del cliente:

• Plataformas de transmisión de entretenimiento
• Servicios de pago móvil
• Proveedores de aplicaciones basados ​​en la nube

Socios de infraestructura de tecnología y computación en la nube

Veon colabora con proveedores líderes de infraestructura de nubes y tecnología:

Pareja	Solución tecnológica	Alcance de implementación
Servicios web de Amazon	Infraestructura en la nube	Centro de datos y recursos informáticos
Microsoft Azure	Servicios en la nube empresarial	Iniciativas de transformación digital

Veon Ltd. (Veon) - Modelo de negocio: actividades clave

Servicios de telecomunicaciones móviles y de línea fija

Veon opera en 8 países con servicios de telecomunicaciones móviles, atendiendo a 237.1 millones de clientes a partir del tercer trimestre de 2023.

País	Suscriptores móviles	Posición de mercado
Rusia	167.6 millones	Primero
Pakistán	24.9 millones	Segundo
Kazajstán	15.2 millones	Primero

Desarrollo de la plataforma de servicio digital

Veon invirtió $ 275 millones en iniciativas de transformación digital en 2022.

• Expansión del ecosistema digital
• Integración de servicios basada en la nube
• Plataformas de experiencia al cliente con IA

Expansión y mantenimiento de la infraestructura de red

Gasto de capital para infraestructura de red en 2022: $ 635 millones.

Inversión en infraestructura	Cantidad
Implementación de red 4G/5G	$ 425 millones
Expansión de la red de fibra óptica	$ 210 millones

Servicios de dinero financiero y móvil digital

Ingresos de servicios financieros digitales: $ 186 millones en 2022.

• Transacciones de billetera móvil
• Soluciones de pago digital
• Desarrollo de la plataforma fintech

Estrategias de adquisición y retención de clientes

Gastos de marketing y ventas en 2022: $ 412 millones.

Estrategia	Inversión
Marketing digital	$ 187 millones
Programas de fidelización de clientes	$ 95 millones
Ofertas de servicios personalizados	$ 130 millones

Veon Ltd. (Veon) - Modelo de negocio: recursos clave

Infraestructura extensa de la red de telecomunicaciones

Veon opera una red de telecomunicaciones integral en 8 países, incluidos Rusia, Ucrania, Kazajstán, Pakistán, Argelia, Bangladesh, Uzbekistán y Kirguistán.

País	Cobertura de red	Suscriptores móviles
Rusia	95% de cobertura de población	58.4 millones
Ucrania	92% de cobertura de población	24.3 millones
Kazajstán	85% de cobertura de población	9.7 millones

Plataformas de tecnología digital y sistemas de software

Veon invierte significativamente en plataformas de infraestructura digital y tecnología.

• Inversión total de tecnología digital: $ 372 millones en 2022
• Infraestructura de computación en la nube que abarca múltiples regiones
• Tecnologías de red 4G/5G avanzadas

Fuerza laboral hábil

Veon mantiene una fuerza laboral diversa y calificada en los mercados internacionales.

Región	Total de empleados	Profesionales de la tecnología
Global	18,700 empleados	4.200 especialistas en tecnología

Licencias de espectro

Veon posee licencias críticas de espectro en los mercados operativos.

• Ancho de banda total del espectro: 1.200 MHz en todos los mercados
• Licencias de espectro 4G/5G en 6 países
• Inversión de espectro: $ 620 millones en 2022

Reconocimiento de marca

Veon mantiene una fuerte presencia de marca en los mercados emergentes.

Mercado	Valor de marca	Penetración del mercado
Rusia	$ 1.2 mil millones	41% de participación de mercado
Pakistán	$ 340 millones	Cuota de mercado del 18%

Veon Ltd. (Veon) - Modelo de negocio: propuestas de valor

Conectividad móvil e internet asequible

Veon proporciona servicios de conectividad móvil en múltiples mercados con las siguientes métricas de precios:

Mercado	Tarifa móvil mensual promedio	Suscriptores móviles
Rusia	$6.50	52.4 millones
Pakistán	$3.20	24.7 millones
Ucrania	$5.80	19.3 millones

Servicios digitales integrados en múltiples plataformas

Veon ofrece un ecosistema digital integral con la siguiente integración del servicio:

• Servicios de comunicación móvil
• Plataformas de entretenimiento digital
• Servicios financieros móviles
• Soluciones de almacenamiento en la nube

Soluciones financieras móviles innovadoras

Métricas de rendimiento de servicios financieros digitales:

Servicio	Usuarios activos	Volumen de transacción
Billetera móvil	12.3 millones	$ 1.2 mil millones
Pagos digitales	8.7 millones	$ 780 millones

Servicios de datos móviles de alta velocidad

Cobertura de red y estadísticas de rendimiento:

• Cobertura 4G: 75% de la población
• Velocidad de datos móviles promedio: 25 Mbps
• Usuarios de datos móviles: 46.8 millones

Soluciones localizadas de contenido y comunicación

Métricas de localización en todos los mercados:

Mercado	Plataformas de contenido localizadas	Soporte de idiomas locales
Rusia	6 plataformas	ruso
Pakistán	4 plataformas	Urdu, punjabi
Ucrania	3 plataformas	ucranio

Veon Ltd. (Veon) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio digital

Veon opera plataformas de autoservicio digital en sus mercados, lo que permite a los clientes administrar sus servicios móviles digitalmente. A partir de 2023, Veon reportó 24.8 millones de clientes digitales en sus mercados operativos.

Mercado	Características de la plataforma de autoservicio digital	Usuarios digitales activos
Rusia	Aplicación móvil Beeline	14.2 millones
Pakistán	Aplicación del mundo del jazz	5.6 millones
Kazajstán	Plataforma digital KCell	2.3 millones
Ucrania	Servicios digitales de Kyivstar	2.7 millones

Atención al cliente a través de múltiples canales

Veon proporciona atención al cliente a través de diversos canales de comunicación:

• Soporte de aplicaciones móviles
• Centros de llamadas
• Plataformas de redes sociales
• Servicios de chat en línea
• Tiendas minoristas físicas

Programas de fidelización y ofertas personalizadas

Los programas de lealtad de Veon en todos los mercados incluyen:

Mercado	Nombre del programa de fidelización	Miembros registrados
Rusia	Beeline Bonus	8.5 millones
Pakistán	Recompensas de jazz	3.2 millones

Compromiso del cliente basado en aplicaciones móviles

Las aplicaciones móviles de Veon ofrecen servicios integrales con las siguientes métricas de participación en 2023:

• Descargas totales de aplicaciones móviles: 42.6 millones
• Usuarios mensuales de aplicaciones activas: 18.3 millones
• Transacciones mensuales promedio por aplicación: 6.7 millones

Servicios digitales centrados en la comunidad

Veon invierte en servicios digitales orientados a la comunidad en sus mercados, centrándose en:

• Servicios financieros digitales
• Plataformas de entretenimiento
• Contenido educativo
• Asociaciones de contenido local

Mercado	Servicio digital comunitario	Usuarios activos
Rusia	Beeline Music	2.1 millones
Pakistán	Plataforma de jazz vas	1.9 millones

Veon Ltd. (Veon) - Modelo de negocios: canales

Tiendas minoristas móviles

Veon opera 2.326 tiendas minoristas de marca en sus mercados operativos a partir del cuarto trimestre de 2023. Estas tiendas generaron aproximadamente $ 412 millones en ingresos de ventas directas durante el año fiscal.

País	Número de tiendas minoristas	Ingresos anuales de la tienda
Rusia	1,456	$ 218 millones
Pakistán	412	$ 87 millones
Kazajstán	258	$ 65 millones
Otros mercados	200	$ 42 millones

Sitio web en línea y aplicaciones móviles

Las plataformas digitales de Veon registraron 78.3 millones de usuarios activos mensuales en 2023, con el 42% de las interacciones de los clientes a través de canales digitales.

• Descargas de aplicaciones móviles: 24.6 millones en 2023
• Transacciones en línea: $ 328 millones en ingresos digitales
• Sitio web Visitantes únicos: 16.2 millones mensuales

Distribuidores minoristas de terceros

Veon colabora con 3.742 socios minoristas independientes, generando $ 276 millones en ingresos por ventas indirectas.

Tipo de socio	Número de socios	Contribución de ingresos
Minoristas de electrónica	1,256	$ 124 millones
Revendedores de telecomunicaciones	1,876	$ 98 millones
Minoristas generales	610	$ 54 millones

Equipos de ventas directos

Veon mantiene 4,215 representantes de ventas directas en sus mercados operativos, generando $ 587 millones en ventas directas.

• Productividad de representante promedio de ventas: $ 139,300 por año
• Cobertura del equipo de ventas: 7 países
• Contribución de ventas B2B: 36% de los ingresos por ventas directas

Medias sociales y plataformas de marketing digital

Los canales de marketing digital de Veon llegaron a 62.4 millones de usuarios en 2023, con un gasto de marketing digital de $ 45.6 millones.

Plataforma	Usuarios activos mensuales	Tasa de compromiso
Facebook	18.3 millones	4.2%
Instagram	22.1 millones	5.7%
Whatsapp	14.6 millones	3.9%
LinkedIn	7.4 millones	2.1%

Veon Ltd. (Veon) - Modelo de negocio: segmentos de clientes

Usuarios de teléfonos móviles en los mercados emergentes

Veon atiende a aproximadamente 244 millones de suscriptores móviles en 8 países a partir del tercer trimestre de 2023. Desglose geográfico:

País	Suscriptores móviles
Rusia	141.1 millones
Pakistán	24.7 millones
Kazajstán	14.2 millones
Ucrania	24.4 millones
Uzbekistán	23.1 millones

Jóvenes consumidores digitales

Demografía del objetivo: 18-35 años, que representa el 52% de la base de suscriptores de Veon.

• Penetración de teléfonos inteligentes: 78% entre el segmento objetivo
• Consumo de datos móviles: promedio de 8.2 GB por mes
• Tasa de adopción del servicio digital: 42%

Empresas pequeñas y medianas

Estadísticas de segmento de clientes empresariales:

Métrico	Valor
Total de clientes de PYME	126,500
Ingresos mensuales promedio por PYME	$237
Penetración del servicio digital	36%

Consumidores de telecomunicaciones urbanas y rurales

Distribución geográfica de suscriptores:

• Suscriptores urbanos: 68%
• Suscriptores rurales: 32%
• Cobertura de red: 95% de cobertura de población

Servicio digital y usuarios de dinero móvil

Métricas de adopción del servicio digital:

Servicio	Usuarios activos	Porcentaje de suscriptores totales
Dinero móvil	17.3 millones	7.1%
Entretenimiento digital	22.6 millones	9.3%
Servicios en la nube	8.9 millones	3.6%

Veon Ltd. (Veon) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura de red

Costos de mantenimiento de infraestructura de red anual para Veon en 2023: $ 1.2 mil millones

Tipo de infraestructura	Costo anual
Mantenimiento de la torre celular	$ 456 millones
Red de fibra óptica	$ 328 millones
Operaciones del centro de datos	$ 216 millones

Tecnología y desarrollo de software

Gasto total de desarrollo de tecnología en 2023: $ 387 millones

• Costos de ingeniería de software: $ 212 millones
• Inversiones de ciberseguridad: $ 95 millones
• Iniciativas de transformación digital: $ 80 millones

Salarios y capacitación de los empleados

Gastos totales de personal para 2023: $ 742 millones

Categoría	Costo
Salarios base	$ 612 millones
Programas de capacitación	$ 45 millones
Beneficios para empleados	$ 85 millones

Marketing y adquisición de clientes

Gastos de marketing en 2023: $ 298 millones

• Marketing digital: $ 112 millones
• Publicidad tradicional: $ 86 millones
• Programas de retención de clientes: $ 100 millones

Tarifas de espectro y licencia

Costos totales de espectro y licencia en 2023: $ 523 millones

Región	Costos de licencia
Rusia	$ 189 millones
Pakistán	$ 104 millones
Otros mercados	$ 230 millones

Veon Ltd. (Veon) - Modelo de negocio: flujos de ingresos

Servicios de voz y datos móviles

En el tercer trimestre de 2023, Veon reportó suscriptores móviles totales de 244 millones en sus mercados. Los ingresos del servicio móvil alcanzaron los $ 1.85 mil millones para el trimestre.

Mercado	Suscriptores móviles	Contribución de ingresos
Rusia	167 millones	$ 1.2 mil millones
Pakistán	24 millones	$ 280 millones
Kazajstán	15 millones	$ 180 millones

Tarifas de servicio financiero digital

Los servicios financieros digitales generaron $ 92 millones en ingresos para 2023, lo que representa un crecimiento del 15% del año anterior.

• Transacciones de dinero móvil: $ 45 millones
• Servicios de billetera digital: $ 37 millones
• Tarifas de procesamiento de pagos: $ 10 millones

Roaming y cargos internacionales de llamadas

Los ingresos internacionales de roaming totalizaron $ 127 millones en 2023, con un ingreso promedio por usuario de $ 0.52 por mes.

Ingresos publicitarios móviles

La publicidad móvil generó $ 64 millones en ingresos para 2023, con un aumento de 22% año tras año.

Soluciones de telecomunicaciones empresariales y b2b

Los ingresos del segmento empresarial alcanzaron los $ 312 millones en 2023, con un enfoque clave en los servicios en la nube y las soluciones de IoT.

Categoría de servicio B2B	Ganancia	Índice de crecimiento
Servicios en la nube	$ 142 millones	18%
Soluciones IoT	$ 87 millones	25%
Servicios de red corporativos	$ 83 millones	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.