VEON LTD. (VEON): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das telecomunicações, a VEON LTD. surge como um provedor de serviços digitais transformadores que remodelavam a conectividade em mercados emergentes. Com uma abordagem inovadora que transcende os limites tradicionais de telecomunicações, a VEOON aproveita estrategicamente sua tela de modelo de negócios para oferecer experiências digitais integradas e acessíveis que conectam milhões de usuários por meio de serviços móveis, soluções financeiras e plataformas tecnológicas de ponta. Essa exploração abrangente revela como a VEON navega com paisagens globais complexas, transformando desafios tecnológicos em oportunidades de empoderamento digital e inovação centrada no cliente.

VEON LTD. (VEON) - Modelo de negócios: Parcerias -chave

Fornecedores de equipamentos de telecomunicações

A VEON colabora com os principais fornecedores de equipamentos de telecomunicações para apoiar sua infraestrutura de rede:

Fornecedor	Detalhes da parceria	Implantação de equipamentos de rede
Ericsson	5G Infraestrutura de rede	Ativo na Rússia, Cazaquistão, Paquistão
Nokia	Soluções de tecnologia 4G/5G	Implantado em vários mercados operacionais da VEON

Provedores locais de internet e serviços móveis

A VEON mantém parcerias estratégicas em seus mercados operacionais:

• Rússia: acordos de interconexão local com operadores regionais de telecomunicações
• Cazaquistão: acordos de compartilhamento de rede por atacado
• Paquistão: Roaming and Infrastructure Compartilhamento de parcerias
• Ucrânia: iniciativas de expansão de rede colaborativa

Órgãos regulatórios do governo

A VEON se envolve com entidades regulatórias em mercados emergentes:

País	Órgão regulatório	Foco de colaboração
Rússia	Roskomnadzor	Licenciamento e conformidade de telecomunicações
Paquistão	Autoridade de Telecomunicações do Paquistão	Alocação de espectro e regulamentos de rede

Conteúdo digital e provedores de serviços

A VEON faz parceria com os provedores de serviços digitais para aprimorar a experiência do cliente:

• Plataformas de streaming de entretenimento
• Serviços de pagamento móvel
• Provedores de aplicativos baseados em nuvem

Parceiros de infraestrutura de computação em nuvem e tecnologia

A VEON colabora com os principais provedores de infraestrutura em nuvem e tecnologia:

Parceiro	Solução tecnológica	Escopo de implementação
Amazon Web Services	Infraestrutura em nuvem	Data Center e Recursos de Computação
Microsoft Azure	Serviços em nuvem corporativa	Iniciativas de transformação digital

VEON LTD. (VEON) - Modelo de negócios: Atividades -chave

Serviços de telecomunicações móveis e de linha fixa

A VEON opera em 8 países com serviços de telecomunicações móveis, atendendo a 237,1 milhões de clientes a partir do terceiro trimestre de 2023.

País	Assinantes móveis	Posição de mercado
Rússia	167,6 milhões	1º
Paquistão	24,9 milhões	2º
Cazaquistão	15,2 milhões	1º

Desenvolvimento da plataforma de serviço digital

A VEON investiu US $ 275 milhões em iniciativas de transformação digital em 2022.

• Expansão do ecossistema digital
• Integração de serviços baseada em nuvem
• Plataformas de experiência do cliente movidas a IA

Expansão e manutenção da infraestrutura de rede

Despesas de capital para infraestrutura de rede em 2022: US $ 635 milhões.

Investimento de infraestrutura	Quantia
Implantação de rede 4G/5G	US $ 425 milhões
Expansão da rede de fibra óptica	US $ 210 milhões

Serviços financeiros e de dinheiro móvel digital

Receita de Serviços Financeiros Digitais: US $ 186 milhões em 2022.

• Transações de carteira móvel
• Soluções de pagamento digital
• Desenvolvimento da plataforma Fintech

Estratégias de aquisição e retenção de clientes

Despesas de marketing e vendas em 2022: US $ 412 milhões.

Estratégia	Investimento
Marketing digital	US $ 187 milhões
Programas de fidelidade do cliente	US $ 95 milhões
Ofertas de serviço personalizadas	US $ 130 milhões

VEON LTD. (VEON) - Modelo de negócios: Recursos -chave

Extensa infraestrutura de rede de telecomunicações

A VEON opera uma rede de telecomunicações abrangentes em 8 países, incluindo Rússia, Ucrânia, Cazaquistão, Paquistão, Argélia, Bangladesh, Uzbequistão e Quirguistão.

País	Cobertura de rede	Assinantes móveis
Rússia	95% de cobertura populacional	58,4 milhões
Ucrânia	92% de cobertura populacional	24,3 milhões
Cazaquistão	85% de cobertura populacional	9,7 milhões

Plataformas de tecnologia digital e sistemas de software

A VEON investe significativamente nas plataformas de infraestrutura e tecnologia digitais.

• Investimento total em tecnologia digital: US $ 372 milhões em 2022
• Infraestrutura de computação em nuvem abrange várias regiões
• Tecnologias de rede 4G/5G avançadas

Força de trabalho qualificada

A VEON mantém uma força de trabalho diversificada e qualificada nos mercados internacionais.

Região	Total de funcionários	Profissionais de tecnologia
Global	18.700 funcionários	4.200 especialistas em tecnologia

Licenças de espectro

A VEON possui licenças críticas de espectro nos mercados operacionais.

• Largura de banda total do espectro: 1.200 MHz nos mercados
• Licenças de espectro 4G/5G em 6 países
• Investimento de espectro: US $ 620 milhões em 2022

Reconhecimento da marca

A VEON mantém uma forte presença da marca em mercados emergentes.

Mercado	Valor da marca	Penetração de mercado
Rússia	US $ 1,2 bilhão	41% de participação de mercado
Paquistão	US $ 340 milhões	18% de participação de mercado

VEON LTD. (VEON) - Modelo de negócios: proposições de valor

Conectividade móvel e internet acessível

A VEON fornece serviços de conectividade móvel em vários mercados com as seguintes métricas de preços:

Mercado	Tarifa móvel mensal média	Assinantes móveis
Rússia	$6.50	52,4 milhões
Paquistão	$3.20	24,7 milhões
Ucrânia	$5.80	19,3 milhões

Serviços digitais integrados em várias plataformas

A VEON oferece ecossistema digital abrangente com a seguinte integração de serviços:

• Serviços de comunicação móvel
• Plataformas de entretenimento digital
• Serviços financeiros móveis
• Soluções de armazenamento em nuvem

Soluções financeiras móveis inovadoras

Métricas de desempenho de serviços financeiros digitais:

Serviço	Usuários ativos	Volume de transação
Carteira móvel	12,3 milhões	US $ 1,2 bilhão
Pagamentos digitais	8,7 milhões	US $ 780 milhões

Serviços de dados móveis de alta velocidade

Cobertura de rede e estatísticas de desempenho:

• Cobertura 4G: 75% da população
• Velocidade média de dados móveis: 25 Mbps
• Usuários de dados móveis: 46,8 milhões

Conteúdo localizado e soluções de comunicação

Métricas de localização nos mercados:

Mercado	Plataformas de conteúdo localizadas	Suporte ao idioma local
Rússia	6 plataformas	russo
Paquistão	4 plataformas	Urdu, Punjabi
Ucrânia	3 plataformas	ucraniano

VEON LTD. (VEON) - Modelo de negócios: Relacionamentos do cliente

Plataformas de autoatendimento digital

A VEON opera plataformas de autoatendimento digital em seus mercados, permitindo que os clientes gerenciem seus serviços móveis digitalmente. A partir de 2023, a VEON relatou 24,8 milhões de clientes digitais em seus mercados operacionais.

Mercado	Recursos de plataforma de autoatendimento digital	Usuários digitais ativos
Rússia	Aplicativo móvel Beeline	14,2 milhões
Paquistão	App Jazz World	5,6 milhões
Cazaquistão	Plataforma Digital Kcell	2,3 milhões
Ucrânia	Serviços digitais Kyivstar	2,7 milhões

Suporte ao cliente através de vários canais

A VEON fornece suporte ao cliente por meio de diversos canais de comunicação:

• Suporte ao aplicativo móvel
• Call centers
• Plataformas de mídia social
• Serviços de bate -papo online
• Lojas de varejo físico

Programas de fidelidade e ofertas personalizadas

Os programas de fidelidade da VEON nos mercados incluem:

Mercado	Nome do programa de fidelidade	Membros registrados
Rússia	Bônus marelino	8,5 milhões
Paquistão	Recompensas de jazz	3,2 milhões

Engajamento de cliente baseado em aplicativos móveis

Os aplicativos móveis da VEON oferecem serviços abrangentes com as seguintes métricas de engajamento em 2023:

• Downloads de aplicativos móveis totais: 42,6 milhões
• Usuários mensais de aplicativos ativos: 18,3 milhões
• Transações mensais médias por aplicativo: 6,7 milhões

Serviços digitais focados na comunidade

A VEON investe em serviços digitais orientados para a comunidade em seus mercados, com foco em:

• Serviços financeiros digitais
• Plataformas de entretenimento
• Conteúdo educacional
• Parcerias de conteúdo local

Mercado	Serviço Digital Comunitário	Usuários ativos
Rússia	Música Beeline	2,1 milhões
Paquistão	Plataforma Vas Jazz	1,9 milhão

VEON LTD. (VEON) - Modelo de negócios: Canais

Lojas de varejo móveis

A VEON opera 2.326 lojas de marca em seus mercados operacionais a partir do quarto trimestre de 2023. Essas lojas geraram aproximadamente US $ 412 milhões em receita direta de vendas durante o ano fiscal.

País	Número de lojas de varejo	Receita anual da loja
Rússia	1,456	US $ 218 milhões
Paquistão	412	US $ 87 milhões
Cazaquistão	258	US $ 65 milhões
Outros mercados	200	US $ 42 milhões

Site online e aplicativos móveis

As plataformas digitais da VEON registraram 78,3 milhões de usuários ativos mensais em 2023, com 42% das interações dos clientes acontecendo através de canais digitais.

• Downloads de aplicativos móveis: 24,6 milhões em 2023
• Transações online: US $ 328 milhões em receita digital
• Site visitantes exclusivos: 16,2 milhões mensais

Distribuidores de varejo de terceiros

A VEON colabora com 3.742 parceiros independentes de varejo, gerando US $ 276 milhões em receita de vendas indireta.

Tipo de parceiro	Número de parceiros	Contribuição da receita
Varejistas eletrônicos	1,256	US $ 124 milhões
Revendedores de telecomunicações	1,876	US $ 98 milhões
Varejistas em geral	610	US $ 54 milhões

Equipes de vendas diretas

A VEON mantém 4.215 representantes de vendas diretas em seus mercados operacionais, gerando US $ 587 milhões em vendas diretas.

• Produtividade média representativa de vendas: US $ 139.300 por ano
• Cobertura da equipe de vendas: 7 países
• Contribuição de vendas B2B: 36% da receita direta de vendas

Mídias sociais e plataformas de marketing digital

Os canais de marketing digital da VEON atingiram 62,4 milhões de usuários em 2023, com um gasto de marketing digital de US $ 45,6 milhões.

Plataforma	Usuários ativos mensais	Taxa de engajamento
Facebook	18,3 milhões	4.2%
Instagram	22,1 milhões	5.7%
Whatsapp	14,6 milhões	3.9%
LinkedIn	7,4 milhões	2.1%

VEON LTD. (VEON) - Modelo de negócios: segmentos de clientes

Usuários de telefones celulares em mercados emergentes

A VEON atende a aproximadamente 244 milhões de assinantes móveis em 8 países a partir do terceiro trimestre de 2023. Avaria geográfica:

País	Assinantes móveis
Rússia	141,1 milhões
Paquistão	24,7 milhões
Cazaquistão	14,2 milhões
Ucrânia	24,4 milhões
Uzbequistão	23,1 milhões

Jovens consumidores digitais

Demográfico-alvo: 18-35 anos, representando 52% da base de assinantes da VEON.

• Penetração de smartphone: 78% no segmento -alvo
• Consumo de dados móveis: média de 8,2 GB por mês
• Taxa de adoção de serviço digital: 42%

Pequenas e médias empresas

Estatísticas do segmento de clientes corporativas:

Métrica	Valor
Total de clientes de PME	126,500
Receita mensal média por PME	$237
Penetração de serviço digital	36%

Consumidores de telecomunicações urbanas e rurais

Distribuição geográfica de assinantes:

• Assinantes urbanos: 68%
• Assinantes rurais: 32%
• Cobertura da rede: 95% de cobertura populacional

Serviço digital e usuários de dinheiro móvel

Métricas de adoção de serviços digitais:

Serviço	Usuários ativos	Porcentagem do total de assinantes
Dinheiro móvel	17,3 milhões	7.1%
Entretenimento digital	22,6 milhões	9.3%
Serviços em nuvem	8,9 milhões	3.6%

VEON LTD. (VEON) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de rede

Custos anuais de manutenção de infraestrutura de rede para VEON em 2023: US $ 1,2 bilhão

Tipo de infraestrutura	Custo anual
Manutenção da torre celular	US $ 456 milhões
Rede de fibra óptica	US $ 328 milhões
Operações de data center	US $ 216 milhões

Tecnologia e desenvolvimento de software

Despesas de desenvolvimento de tecnologia total em 2023: US $ 387 milhões

• Custos de engenharia de software: US $ 212 milhões
• Investimentos de segurança cibernética: US $ 95 milhões
• Iniciativas de transformação digital: US $ 80 milhões

Salários e treinamento de funcionários

Total de despesas de pessoal para 2023: US $ 742 milhões

Categoria	Custo
Salários da base	US $ 612 milhões
Programas de treinamento	US $ 45 milhões
Benefícios dos funcionários	US $ 85 milhões

Marketing e aquisição de clientes

Despesas de marketing em 2023: US $ 298 milhões

• Marketing Digital: US $ 112 milhões
• Publicidade tradicional: US $ 86 milhões
• Programas de retenção de clientes: US $ 100 milhões

Taxas de espectro e licenciamento

Custos totais de espectro e licenciamento em 2023: US $ 523 milhões

Região	Custos de licenciamento
Rússia	US $ 189 milhões
Paquistão	US $ 104 milhões
Outros mercados	US $ 230 milhões

VEON LTD. (VEON) - Modelo de negócios: fluxos de receita

Serviços de voz e dados móveis

No terceiro trimestre de 2023, a VEON relatou assinantes móveis totais de 244 milhões em seus mercados. A receita de serviço móvel atingiu US $ 1,85 bilhão no trimestre.

Mercado	Assinantes móveis	Contribuição da receita
Rússia	167 milhões	US $ 1,2 bilhão
Paquistão	24 milhões	US $ 280 milhões
Cazaquistão	15 milhões	US $ 180 milhões

Taxas de serviço financeiro digital

Os serviços financeiros digitais geraram US $ 92 milhões em receita para 2023, representando um crescimento de 15% em relação ao ano anterior.

• Transações de dinheiro móvel: US $ 45 milhões
• Serviços de carteira digital: US $ 37 milhões
• Taxas de processamento de pagamento: US $ 10 milhões

Roaming e cobranças de chamadas internacionais

A receita internacional de roaming totalizou US $ 127 milhões em 2023, com uma receita média por usuário de US $ 0,52 por mês.

Receita de publicidade móvel

A publicidade móvel gerou US $ 64 milhões em receita para 2023, com um aumento de 22% ano a ano.

Soluções de telecomunicações corporativas e B2B

A receita do segmento corporativo atingiu US $ 312 milhões em 2023, com foco principal em serviços em nuvem e soluções de IoT.

Categoria de serviço B2B	Receita	Taxa de crescimento
Serviços em nuvem	US $ 142 milhões	18%
Soluções IoT	US $ 87 milhões	25%
Serviços de rede corporativa	US $ 83 milhões	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.