# CALL INVITE # Fireside chat with VEON CEO Kaan Terzioğlu & CFO Burak Ozer

Post 1Q25 results and our last chat with management in April, we will be hosting a virtual fireside chat for NSR clients with VEON's CEO, Kaan Terzioğlu and CFO, Burak Ozer on Monday, 2nd June. Format will be a small group, with the focus on Q&A.

VEON remains as a compelling EM play to us as it is uniquely positioned with greater exposure to Digital assets such as FinTech, Content and Healthcare than equivalent peers. These businesses are growing rapidly and while lower margins than the traditional telco business, cash generation potential is high due to their lower capex requirement. Additionally, the regulatory risk are typically lower. We see significant re-rating opportunity ahead, driven by multiple catalysts in the horizon. These include ongoing asset disposals as it transitions to an asset-light model, share buybacks and the listing of its subsidiaries (Kyivstar scheduled for 3Q25 and potentially Jazz in future). VEON's key markets – Pakistan and Kazakhstan – remain healthy, and Ukraine is showing encouraging recovery. The stock sits highly on our GEM Top-10 picks. We encourage investors to hear directly from management on how VEON is executing on its 2027 growth ambition.