3Q22 Results and Portfolio Strategy

RUSSIA Higher customer value drives service revenue and EBITDA growth 1. VEON 3Q22 RESULTS YOY TRENDS TOTAL REVENUE 70.7bn REVENUE 66.4bn SERVICE REVENUE AND YOY TRENDS 4G USERS AND PENETRATION1 MULTIPLAY CUSTOMERS (RUB Billion and %) (3 month active, million and %) Revenue share Share of monthly active users SERVICE 60% +2.2% 53% -7.6% +4.7% 46% 47% 41% 37% 28% 23% RUB -6.1% RUB 62.0 64.9 66.4 20% 25.4 25.7 21.7 +2.2% 3Q20 3Q21 3Q22 3Q20 3Q21 3Q22 3Q20 3Q21 3Q22 EBITDA CAPEX 30.3bn 12.9bn RUB +7.3% RUB -24.2% Service revenue up 2.2% YoY supported by mobile data revenue growth (+7.5% YoY) Equipment sales lower on supply chain constraints, down 58.5% YoY +7.3% YoY growth in EBITDA and higher margin at 42.8% (+5.4 p.p. YoY) Stronger engagement of the customer base with higher 4G penetration Revised pricing and effective cost management supported rise in EBITDA margin 4G penetration in Russia: % of active 4G data users in total 3 months active customer base excluding machine-to-machine (M2M) connections 15

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