Veon Ltd. (Veon): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des télécommunications, Veon Ltd. émerge comme un fournisseur de services numériques transformatifs remodelant la connectivité sur les marchés émergents. Avec une approche innovante qui transcende les frontières traditionnelles des télécommunications, Veon exploite stratégiquement son canevas de modèle commercial pour offrir des expériences numériques intégrées abordables qui connectent des millions d'utilisateurs via des services mobiles, des solutions financières et des plateformes technologiques de pointe. Cette exploration complète dévoile comment Veon navigue sur des paysages mondiaux complexes, transformant les défis technologiques en opportunités d'autonomisation numérique et d'innovation centrée sur le client.

Veon Ltd. (Veon) - Modèle d'entreprise: partenariats clés

Vendeurs d'équipement de télécommunications

Veon collabore avec les principaux fournisseurs d'équipements de télécommunications pour soutenir son infrastructure réseau:

Fournisseur	Détails du partenariat	Déploiement d'équipement réseau
Éricson	Infrastructure réseau 5G	Actif en Russie, Kazakhstan, Pakistan
Nokia	Solutions technologiques 4G / 5G	Déployé sur plusieurs marchés d'exploitation VEON

Internet et fournisseurs de services mobiles locaux

Veon maintient des partenariats stratégiques sur ses marchés opérationnels:

• Russie: accords d'interconnexion locaux avec des opérateurs de télécommunications régionaux
• Kazakhstan: arrangements de partage de réseau en gros
• Pakistan: Partenariats d'itinérance et de partage des infrastructures
• Ukraine: initiatives d'extension de réseau collaboratif

Organes de réglementation du gouvernement

Veon s'engage avec les entités réglementaires sur les marchés émergents:

Pays	Corps réglementaire	Focus de la collaboration
Russie	Roskomnadzor	Licence de télécommunications et conformité
Pakistan	Pakistan Telecommunication Authority	Règlement sur l'allocation du spectre et le réseau

Contenu numérique et fournisseurs de services

Veon s'associe aux fournisseurs de services numériques pour améliorer l'expérience client:

• Plateformes de streaming de divertissement
• Services de paiement mobile
• Fournisseurs d'applications basés sur le cloud

Cloud Computing and Technology Infrastructure Partners

Veon collabore avec les principaux fournisseurs d'infrastructures de cloud et de technologie:

Partenaire	Solution technologique	Portée de la mise en œuvre
Services Web Amazon	Infrastructure cloud	Centre de données et ressources informatiques
Microsoft Azure	Services cloud d'entreprise	Initiatives de transformation numérique

Veon Ltd. (Veon) - Modèle d'entreprise: activités clés

Services de télécommunications mobiles et fixe

Veon opère dans 8 pays avec des services de télécommunications mobiles, desservant 237,1 millions de clients au troisième trimestre 2023.

Pays	Abonnés mobiles	Position sur le marché
Russie	167,6 millions	1er
Pakistan	24,9 millions	2e
Kazakhstan	15,2 millions	1er

Développement de la plate-forme de service numérique

Veon a investi 275 millions de dollars dans des initiatives de transformation numérique en 2022.

• Expansion de l'écosystème numérique
• Intégration de service basée sur le cloud
• Plateformes d'expérience client alimentées en AI

Extension et maintenance des infrastructures réseau

Dépenses en capital pour les infrastructures de réseau en 2022: 635 millions de dollars.

Investissement en infrastructure	Montant
Déploiement du réseau 4G / 5G	425 millions de dollars
Extension du réseau de fibre optique	210 millions de dollars

Services financiers et mobiles numériques

Revenus de services financiers numériques: 186 millions de dollars en 2022.

• Transactions de portefeuille mobile
• Solutions de paiement numérique
• Développement de la plate-forme fintech

Stratégies d'acquisition et de rétention des clients

Frais de marketing et de vente en 2022: 412 millions de dollars.

Stratégie	Investissement
Marketing numérique	187 millions de dollars
Programmes de fidélisation de la clientèle	95 millions de dollars
Offres de services personnalisés	130 millions de dollars

Veon Ltd. (Veon) - Modèle d'entreprise: Ressources clés

Infrastructure du réseau de télécommunications étendues

Veon exploite un réseau complet de télécommunications dans 8 pays, dont la Russie, l'Ukraine, le Kazakhstan, le Pakistan, l'Algérie, le Bangladesh, l'Ouzbékistan et le Kirghizistre.

Pays	Couverture réseau	Abonnés mobiles
Russie	Couverture de la population à 95%	58,4 millions
Ukraine	Couverture de la population à 92%	24,3 millions
Kazakhstan	Couverture de la population 85%	9,7 millions

Plates-formes technologiques numériques et systèmes logiciels

Veon investit considérablement dans les plateformes d'infrastructure numérique et de technologie.

• Investissement total de technologie numérique: 372 millions de dollars en 2022
• Infrastructure de cloud computing couvrant plusieurs régions
• Technologies de réseau 4G / 5G avancées

Main-d'œuvre qualifiée

Veon maintient une main-d'œuvre diversifiée et qualifiée sur les marchés internationaux.

Région	Total des employés	Professionnels de la technologie
Mondial	18 700 employés	4 200 spécialistes technologiques

Licences de spectre

Veon détient des licences de spectre critiques sur les marchés opérationnels.

• Bande passante totale du spectre: 1 200 MHz sur les marchés
• Licence de spectre 4G / 5G dans 6 pays
• Investissement de spectre: 620 millions de dollars en 2022

Reconnaissance de la marque

Veon maintient une forte présence de marque sur les marchés émergents.

Marché	Valeur de marque	Pénétration du marché
Russie	1,2 milliard de dollars	Part de marché de 41%
Pakistan	340 millions de dollars	18% de part de marché

Veon Ltd. (Veon) - Modèle d'entreprise: propositions de valeur

Connectivité mobile et Internet abordable

Veon fournit des services de connectivité mobile sur plusieurs marchés avec les mesures de prix suivantes:

Marché	Tarif mobile mensuel moyen	Abonnés mobiles
Russie	$6.50	52,4 millions
Pakistan	$3.20	24,7 millions
Ukraine	$5.80	19,3 millions

Services numériques intégrés sur plusieurs plateformes

Veon propose un écosystème numérique complet avec l'intégration de service suivante:

• Services de communication mobile
• Plateformes de divertissement numériques
• Services financiers mobiles
• Solutions de stockage cloud

Solutions financières mobiles innovantes

Métriques de performance des services financiers numériques:

Service	Utilisateurs actifs	Volume de transaction
Portefeuille mobile	12,3 millions	1,2 milliard de dollars
Paiements numériques	8,7 millions	780 millions de dollars

Services de données mobiles à grande vitesse

Couverture du réseau et statistiques de performance:

• Couverture 4G: 75% de la population
• Vitesse moyenne des données mobiles: 25 Mbps
• Utilisateurs de données mobiles: 46,8 millions

Solutions de contenu et de communication localisés

Mesures de localisation sur les marchés:

Marché	Plateformes de contenu localisées	Support linguistique local
Russie	6 plateformes	russe
Pakistan	4 plateformes	Ourdou, punjabi
Ukraine	3 plateformes	ukrainien

Veon Ltd. (Veon) - Modèle d'entreprise: relations clients

Plates-formes de libre-service numériques

Veon exploite des plateformes de libre-service numériques sur ses marchés, permettant aux clients de gérer leurs services mobiles numériquement. En 2023, Veon a rapporté 24,8 millions de clients numériques sur ses marchés opérationnels.

Marché	Caractéristiques de plate-forme en libre-service numérique	Utilisateurs numériques actifs
Russie	Application mobile Beeline	14,2 millions
Pakistan	Application Jazz World	5,6 millions
Kazakhstan	Plateforme numérique KCELL	2,3 millions
Ukraine	Services numériques Kyivstar	2,7 millions

Support client via plusieurs canaux

Veon fournit un support client via divers canaux de communication:

• Prise en charge de l'application mobile
• Centres d'appel
• Plateformes de médias sociaux
• Services de chat en ligne
• Magasins de vente au détail physique

Programmes de fidélité et offres personnalisées

Les programmes de fidélité de Veon sur tous les marchés comprennent:

Marché	Nom du programme de fidélité	Membres enregistrés
Russie	Bonus	8,5 millions
Pakistan	Récompenses de jazz	3,2 millions

Engagement client mobile basé sur des applications

Les applications mobiles de Veon offrent des services complets avec les mesures d'engagement suivantes en 2023:

• Téléchargements totaux d'applications mobiles: 42,6 millions
• Utilisateurs mensuels de l'application active: 18,3 millions
• Transactions mensuelles moyennes par application: 6,7 millions

Services numériques axés sur la communauté

Veon investit dans des services numériques axés sur la communauté sur ses marchés, en se concentrant sur:

• Services financiers numériques
• Plateformes de divertissement
• Contenu éducatif
• Partenariats de contenu local

Marché	Service numérique communautaire	Utilisateurs actifs
Russie	Musique	2,1 millions
Pakistan	Plate-forme Jazz Vas	1,9 million

Veon Ltd. (Veon) - Modèle d'entreprise: canaux

Magasins de détail mobiles

Veon exploite 2 326 magasins de vente au détail de marque sur ses marchés opérationnels au quatrième trimestre 2023. Ces magasins ont généré environ 412 millions de dollars de revenus de vente directe au cours de l'exercice.

Pays	Nombre de magasins de détail	Revenus de magasins annuels
Russie	1,456	218 millions de dollars
Pakistan	412	87 millions de dollars
Kazakhstan	258	65 millions de dollars
Autres marchés	200	42 millions de dollars

Site Web en ligne et applications mobiles

Les plates-formes numériques de Veon ont enregistré 78,3 millions d'utilisateurs actifs mensuels en 2023, avec 42% des interactions clients qui se produisent via des canaux numériques.

• Téléchargements d'applications mobiles: 24,6 millions en 2023
• Transactions en ligne: 328 millions de dollars de revenus numériques
• Site Web Visiteurs uniques: 16,2 millions par mois

Distributeurs de vente au détail tiers

Veon collabore avec 3 742 partenaires de vente au détail indépendants, générant 276 millions de dollars de revenus de vente indirects.

Type de partenaire	Nombre de partenaires	Contribution des revenus
Détaillants électroniques	1,256	124 millions de dollars
Revendeurs de télécommunications	1,876	98 millions de dollars
Détaillants généraux	610	54 millions de dollars

Équipes de vente directes

Veon maintient 4 215 représentants des ventes directes sur ses marchés opérationnels, générant 587 millions de dollars de ventes directes.

• Productivité du représentant des ventes moyennes: 139 300 $ par an
• Couverture de l'équipe de vente: 7 pays
• Contribution des ventes B2B: 36% des revenus des ventes directes

Plateformes de réseaux sociaux et de marketing numérique

Les canaux de marketing numérique de Veon ont atteint 62,4 millions d'utilisateurs en 2023, avec une dépense de marketing numérique de 45,6 millions de dollars.

Plate-forme	Utilisateurs actifs mensuels	Taux d'engagement
Facebook	18,3 millions	4.2%
Instagram	22,1 millions	5.7%
Whatsapp	14,6 millions	3.9%
Liendin	7,4 millions	2.1%

Veon Ltd. (Veon) - Modèle d'entreprise: segments de clientèle

Utilisateurs de téléphones mobiles sur les marchés émergents

Veon dessert environ 244 millions d'abonnés mobiles dans 8 pays au troisième trimestre 2023. Déchange géographique:

Pays	Abonnés mobiles
Russie	141,1 millions
Pakistan	24,7 millions
Kazakhstan	14,2 millions
Ukraine	24,4 millions
Ouzbékistan	23,1 millions

Jeunes consommateurs numériques

Target démographique: 18-35 ans, représentant 52% de la base des abonnés de Veon.

• Pénétration des smartphones: 78% parmi le segment cible
• Consommation de données mobiles: moyenne de 8,2 Go par mois
• Taux d'adoption des services numériques: 42%

Petites et moyennes entreprises

Statistiques du segment de la clientèle d'entreprise:

Métrique	Valeur
Clients totaux de PME	126,500
Revenus mensuels moyens par PME	$237
Pénétration du service numérique	36%

Consommateurs de télécommunications urbaines et rurales

Distribution géographique des abonnés:

• Abonnés urbains: 68%
• Abonnés ruraux: 32%
• Couverture du réseau: couverture de la population à 95%

Service numérique et utilisateurs de l'argent mobile

Métriques d'adoption des services numériques:

Service	Utilisateurs actifs	Pourcentage des abonnés totaux
Argent mobile	17,3 millions	7.1%
Divertissement numérique	22,6 millions	9.3%
Services cloud	8,9 millions	3.6%

Veon Ltd. (Veon) - Modèle d'entreprise: Structure des coûts

Maintenance d'infrastructure réseau

Coûts de maintenance annuelle des infrastructures du réseau pour Veon en 2023: 1,2 milliard de dollars

Type d'infrastructure	Coût annuel
Entretien de la tour cellulaire	456 millions de dollars
Réseau de fibre optique	328 millions de dollars
Opérations du centre de données	216 millions de dollars

Technologie et développement de logiciels

Total des dépenses de développement technologique en 2023: 387 millions de dollars

• Coûts d'ingénierie logicielle: 212 millions de dollars
• Investissements en cybersécurité: 95 millions de dollars
• Initiatives de transformation numérique: 80 millions de dollars

Salaires et formation des employés

Total des dépenses du personnel pour 2023: 742 millions de dollars

Catégorie	Coût
Salaires de base	612 millions de dollars
Programmes de formation	45 millions de dollars
Avantages sociaux	85 millions de dollars

Marketing et acquisition de clients

Dépenses de marketing en 2023: 298 millions de dollars

• Marketing numérique: 112 millions de dollars
• Publicité traditionnelle: 86 millions de dollars
• Programmes de rétention de la clientèle: 100 millions de dollars

Frais de spectre et de licence

Total Spectrum et Coûts de licence en 2023: 523 millions de dollars

Région	Coûts de licence
Russie	189 millions de dollars
Pakistan	104 millions de dollars
Autres marchés	230 millions de dollars

Veon Ltd. (Veon) - Modèle d'entreprise: Strots de revenus

Services vocaux et de données mobiles

Au troisième trimestre 2023, Veon a déclaré que le total des abonnés mobiles de 244 millions sur ses marchés. Les revenus des services mobiles ont atteint 1,85 milliard de dollars pour le trimestre.

Marché	Abonnés mobiles	Contribution des revenus
Russie	167 millions	1,2 milliard de dollars
Pakistan	24 millions	280 millions de dollars
Kazakhstan	15 millions	180 millions de dollars

Frais de service financier numériques

Les services financiers numériques ont généré 92 millions de dollars de revenus pour 2023, ce qui représente une croissance de 15% par rapport à l'année précédente.

• Transactions en argent mobile: 45 millions de dollars
• Services de portefeuille numérique: 37 millions de dollars
• Frais de traitement des paiements: 10 millions de dollars

Charges d'appel d'origine et d'appel international

Les revenus d'itinérance internationale ont totalisé 127 millions de dollars en 2023, avec un chiffre d'affaires moyen par l'utilisateur de 0,52 $ par mois.

Revenus publicitaires mobiles

La publicité mobile a généré 64 millions de dollars de revenus pour 2023, avec une augmentation de 22% sur l'autre.

Solutions de télécommunications d'entreprise et B2B

Les revenus du segment de l'entreprise ont atteint 312 millions de dollars en 2023, en mettant l'accent sur les services cloud et les solutions IoT.

Catégorie de service B2B	Revenu	Taux de croissance
Services cloud	142 millions de dollars	18%
Solutions IoT	87 millions de dollars	25%
Services de réseau d'entreprise	83 millions de dollars	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.