1x1 NDR Meetings with VEON CFO, CCDO & Investor Relations

We are arranging 1x1 investor meetings at client offices for NSR clients with VEON's CFO Burak Ozer, CCDO Anand Ramachandran, and IR Director Ziyad Joosub in London, September 2026. We are also hosting a small group lunch on the 15th of September at noon (venue tbc).

PLEASE NOTE NEW DATE
When? 15th – 16th Sep London

Please contact your New Street representative or chris@newstreetresearch.com if you would like to join for either the lunch or host a meeting at your office during this NDR.

Why? VEON has been (and remains) one of our top picks in the EM telecom space. They have a strong portfolio of EM telecom assets with holdings in Ukraine (separately listed – KYIV US), Kazakhstan, Pakistan, Uzbekistan and Bangladesh. They have a unique focus on adding value to the telecom assets with investments in Fintech, Healthtech, Content, Mobility etc. and are a leader in building digital assets alongside their telecom business. This is a powerful business model in our view.

Recent Q2 figures were strong for both VEON and Kyivstar, and the company has made several small acquisitions in the digital space recently (eg TPL Insurance) which they can also discuss, as well as upgraded guidance and potential impact of the war in Iran, among other things.

VEON continues to look very good value to us, and appears poised to break out of its trading range. It is a fascinating company that continues to impress in their ability to build businesses across EM markets, and remains one of our top picks in Global EM.

• Operational progress continues to be strong, with VEON recently upgrading guidance for this year to a range of revenue growth (in US$) of 15-18% and EBITDA growth (also in US$) of 9-12%.
• Valuation is far too cheap for a company able to grow like this, with EFCF yield of 10.5% in 2027
• Increasingly cash is being handed back through a $100m buyback.
• VEON is exposed to high growth digital assets which we think will start to reflect in valuations as they become significant (Fintech, Healthtech, Content, Mobility etc).
• With the Ukraine business now trading publicly there is an explicit valuation for that asset (it has been seen as the major risk).