VEON Ltd (VEON) 2024 Q4 法說會逐字稿

Hello and welcome to VEON's full-year 2024 and fourth quarter 2024 trading update call. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question and answer session.

您好，歡迎參加 VEON 2024 年全年及 2024 年第四季交易更新電話會議。我們請求您將所有問題保留到正式演講結束之前，屆時我們將為您提供問答環節的指示。

Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Anand Ramachandran, you may now begin.

另外，提醒一下，今天的會議正在錄製中。如果您有任何異議，請立即斷開連接。阿南德·拉馬錢德蘭，現在你可以開始了。

Thank you. Good afternoon. Good morning. Thank you, everyone, for joining us today VEON's full-year presentation for the period ending December 31, 2024. My name is Anand Ramachandran, Chief of Staff, and also heading the investor relations function for the group. Allow me to introduce our senior management in the room today.

謝謝。午安.早安.感謝大家今天參加 VEON 截至 2024 年 12 月 31 日的全年報告。我叫阿南德‧拉馬錢德蘭 (Anand Ramachandran)，是總參謀長，同時也是集團投資人關係部門的負責人。請容許我介紹一下今天在場的我們的高階管理層。

Next to me is Mr. Kaan Terzioglu, a group CEO; and next to him, Mr. Burak Ozer, a group CFO. Also joining on the line today is Mr. Faisal Ghori from our investor relations team in the US. Today's presentation will begin with the key highlights and business updates from Kaan, followed by a discussion of financial results by Burak.

我旁邊的是集團執行長 Kaan Terzioglu 先生；旁邊是集團財務長 Burak Ozer 先生。今天參加電話會議的還有我們美國投資者關係團隊的 Faisal Ghori 先生。今天的演講將首先由 Kaan 介紹主要亮點和業務更新，然後由 Burak 討論財務結果。

We will then open up the line for Q&A. Please note that we may make forward-looking statements during today's presentation, which involve certain risks and uncertainties.

然後我們將開放問答熱線。請注意，我們可能會在今天的演示中做出前瞻性陳述，其中涉及一定的風險和不確定性。

These statements relate to the company's anticipated performance, guidance for 2025, future market developments, and operational and network developments and investments and the company's ability to realize its targets and initiatives. Actual results may differ materially due to risks detailed in the company's annual report on the form 2-F and other recent public filings with the SEC.

這些聲明涉及公司的預期業績、2025 年指引、未來市場發展、營運和網路發展和投資以及公司實現其目標和計劃的能力。由於公司 2-F 表格年度報告和最近向美國證券交易委員會提交的其他公開文件中詳細列出的風險，實際結果可能存在重大差異。

The earnings release and presentation, including reconciliations of non IFRS measures can be downloaded from our website. With that, let me hand it over to Kaan. Thank you.

您可以從我們的網站下載收益報告和介紹，包括非國際財務報告準則指標的對帳表。說完這些，讓我把它交給 Kaan。謝謝。

Thank you, Anand. Good morning, good afternoon, and welcome to everyone. We appreciate you joining us today for our full-year 2024 results. Today, I'm hosting this call from our headquarters in Dubai. We are proud to be the largest Nasdaq-listed company headquartered in Dubai.

謝謝你，阿南德。早安，下午好，歡迎大家。感謝您今天加入我們，共同探討 2024 年全年業績。今天，我在杜拜總部主持這場電話會議。我們很自豪能夠成為總部位於杜拜的最大的納斯達克上市公司。

I'm thankful to the Emirati authorities for proving how welcoming and easy to do business in this wonderful country. As we hold this call during the holy month of Ramadan, I would like to extend my warmest wishes to all observing.

我感謝阿聯酋當局證明在這個美麗的國家做生意是多麼熱情和容易。值此齋戒月之際，我謹向全體齋戒月信徒致以最熱烈的祝福。

2024 has truly been a transformative year for VEON and let me highlight some of our achievements. First, starting with our financial performance. We have delivered strong growth. In reported US dollar terms, we delivered 8.3% revenue growth in 2024 versus our 8% to 10% growth expectation declared during Q3 results. Our US dollar EBITDA grew 4.9% versus our 4% to 6% growth expectation.

2024 年對 VEON 來說確實是變革的一年，讓我來重點介紹一下我們的一些成就。首先，從我們的財務表現開始。我們實現了強勁成長。以美元計算，我們 2024 年的營收成長了 8.3%，而我們在第三季業績中宣布的成長預期為 8% 至 10%。我們的美元 EBITDA 成長了 4.9%，而我們的預期成長為 4% 至 6%。

We also beat our expectations in underlying local currency terms. We delivered 14.6% revenue growth versus our 12% to 14% expectation, and 12% EBITDA growth versus our 9% to 11% expectation.

以當地貨幣計算，我們也超出了我們的預期。我們實現了 14.6% 的營收成長，而我們的預期為 12% 至 14%；EBITDA 成長 12%，而我們的預期為 9% 至 11%。

Our local currency revenue growth outpaced both inflation and nominal GDP and highlights our ability to capture a larger share of consumer wallets in the markets that we serve at even amidst persistent macro headwinds. Second, we are scaling our digital services with great success. Our direct digital revenues grew by 63% for the full year and grew 42% year on year in the fourth quarter.

我們的當地貨幣收入成長超過了通貨膨脹和名目GDP，並凸顯了即使在持續的宏觀逆風中，我們仍有能力在我們服務的市場中贏得更大份額的消費者。其次，我們正在擴大我們的數位服務並取得了巨大的成功。我們的直接數位收入全年成長了63%，第四季年增了42%。

Digital services comprised 12.6% of our total revenues in Q4 and underscore our evolution into a services company with a telco license. Third, we made substantial progress in executing our asset light strategy, which has unlocked significant value for us as you can see on the slide.

數位服務占我們第四季總營收的 12.6%，標誌著我們已發展成為一家擁有電信牌照的服務公司。第三，我們在執行輕資產策略方面取得了實質進展，正如您在幻燈片上看到的，這為我們釋放了巨大的價值。

These transactions not only strengthen our balance sheet. But also align with our longer term strategy. Last but not least, I am particularly pleased with our progress is being acknowledged by the markets. Our share price more than doubled in 2024 and is up 15% year-to-date in 2025. We announced $100 million share buyback program in July 2024 over 3 years.

這些交易不僅增強了我們的資產負債表。但也符合我們的長期策略。最後但同樣重要的一點是，我特別高興我們的進步得到了市場的認可。我們的股價在 2024 年上漲了一倍多，到 2025 年年初至今上漲了 15%。我們將於 2024 年 7 月宣佈為期 3 年、總額 1 億美元的股票回購計畫。

And since completed phase one with $30 million repurchased. We have successfully strengthened our cash position and are well prepared to redeem our bonds maturing this year.

並且已經完成第一階段並回購了 3000 萬美元。我們成功增強了現金狀況，並做好了贖回今年到期債券的充分準備。

We are actively preparing for TNS+'s public listing in the US which will significantly enhance its visibility and profile. And finally, being headquartered out of Dubai with closer proximity to our markets, we will drive better efficiencies and cost savings.

我們正積極籌備TNS+在美國的上市，這將大大提升TNS+的知名度和形象。最後，由於總部設在杜拜，更靠近我們的市場，我們將提高效率並節省成本。

I am particularly pleased to note that our stock price is now back at pre-war levels. On the onset of the Ukraine-Russia war in early 2022, our stock faced substantial pressure and dropped to as low as $8. However, our decisive actions in exiting Russia business and consistently executing to a clear strategy have all driven a strong recovery.

我特別高興地註意到，我們的股價現在已恢復到戰前的水準。2022年初烏克蘭與俄羅斯戰爭爆發時，我們的股價面臨巨大壓力，跌至8美元的低點。然而，我們退出俄羅斯業務的果斷行動以及持續執行明確的策略都推動了強勁的復甦。

Exiting Russia has also reshaped our financial profile. Pre-divestment, our net to debt EBITDA was over 3 times. Now it is down to 1.3. We see a similar profile in our credit as well. The performance of our bonds is a testament to our disciplined execution in transforming our credit profile.

退出俄羅斯也重塑了我們的財務狀況。撤資前，我們的淨負債 EBITDA 是其 3 倍以上。現在已降至1.3。我們的信用也存在類似的情況。我們債券的表現證明了我們在轉變信用狀況方面的嚴格執行。

Since 2022, our 2025 bonds have recovered nicely, and our 2027 bond has nearly doubled in value. It is pleasing to note that our 2027 bonds are trading at levels comparable to higher rated corporate bonds with similar maturity. Simply put, we have reshaped and transformed VEON to a leaner and stronger company. VEON is primed for agility and growth.

自 2022 年以來，我們的 2025 年債券已實現良好復甦，而我們的 2027 年債券價值幾乎翻了一番。令人高興的是，我們的 2027 年債券的交易水準與類似期限、評級較高的公司債相當。簡而言之，我們重塑並改造了 VEON，使其成為更精簡、更強大的公司。VEON 已做好敏捷和成長的準備。

Let us now focus on our 2024 performance. As I highlighted earlier, our revenues grew 8.3% in reported US dollar terms, a significant turnaround from previous years.

現在讓我們關注我們2024年的表現。正如我之前強調的那樣，我們的收入以美元計算增長了 8.3%，與前幾年相比有了顯著的轉變。

Underlying local currency growth in revenues was 14.6%. I would like to emphasize that we achieved this growth despite inflation in our markets moderating through the year from 14.8% in fourth quarter of '23 to 8.2% in fourth quarter of '24. This demonstrates the potential of our markets to generate growth and strength of our operations. Looking ahead, our 2025 revenue guidance of 12% to 14% in local currency reflects this continued momentum as well.

以當地貨幣計算，收入成長率為 14.6%。我想強調的是，儘管我們市場的通貨膨脹率全年從 2023 年第四季的 14.8% 下降到 2024 年第四季的 8.2%，我們仍然實現了這一成長。這證明了我們的市場具有促進業務成長和增強的潛力。展望未來，我們對 2025 年營收成長的預期為 12% 至 14%（以當地貨幣計算），這也反映了這一持續的勢頭。

On EBITDA side, we reported 4.9% growth in US dollar terms. In underlying local currency terms, EBITDA grew 12%. Looking ahead, we expect 13% to 15% EBITDA growth in local currency terms in 2025, underpinned by strong revenue trends and disciplined cost controls. Let me now dig a little deeper to the headline numbers.

在 EBITDA 方面，我們報告以美元計算成長了 4.9%。以當地貨幣計算，EBITDA 成長了 12%。展望未來，我們預計，在強勁的收入趨勢和嚴格的成本控制的支撐下，2025 年 EBITDA 將以當地貨幣計算增長 13% 至 15%。現在讓我更深入地了解一下總體數字。

As you can see on this page, our financials were impacted by certain identified items, including the cyberattack in Ukraine, political unrest in Bangladesh, and HQ restructuring costs. Additionally, our underlying growth was also impacted by the deconsolidation of TNS+ in Kazakhstan, effective fourth quarter of 2024 following the sale of this business.

正如您在本頁所看到的，我們的財務狀況受到某些已確定項目的影響，包括烏克蘭的網路攻擊、孟加拉的政治動盪以及總部重組成本。此外，我們的基本成長也受到了哈薩克 TNS+ 業務出售後於 2024 年第四季脫離合併的影響。

Adjusting for the impact of these items, like for like US dollar growth was 10% versus the headline of 8.3%. Similarly for EBITDA, Like for, like, EBITDA US dollar growth was 7% versus the headline of 4.9%. We have successfully grown beyond to a $4 billion plus company in 2024. Our telecom and infrastructure segment contributed $3.6 billion to this and grew 3.8% year on year in USD and 7.1% year on year in local currency terms.

調整這些項目的影響後，美元年增率為 10%，而整體成長率為 8.3%。同樣，對於 EBITDA 而言，EBITDA 美元成長率為 7%，而整體成長率為 4.9%。到 2024 年，我們已成功發展成為一家價值超過 40 億美元的公司。我們的電信和基礎設施部門為此貢獻了 36 億美元，以美元計算年增 3.8%，以當地貨幣計算年增 7.1%。

Meanwhile, our direct digital revenues surged by 63% to $460 million. And demonstrates the success of our digital strategy execution. We are confident that this is a trend that will sustain into the future. Our EBITDA grew $1.7 billion. And as I explained earlier, 4.9% on a reported basis and 12% on an underlying local currency basis.

同時，我們的直接數位收入飆升63%，達到4.6億美元。並證明了我們數位策略執行的成功。我們相信，這一趨勢將持續到未來。我們的 EBITDA 成長了 17 億美元。正如我之前所解釋的，按報告計算為 4.9%，以當地貨幣計算為 12%。

Our capital intensity for the year was 20.6% and exceeded our guidance of 18% to 19%. This was primarily driven by escalated investments in Ukraine amidst the war.

我們今年的資本密集度為 20.6%，超過了 18% 至 19% 的預期。這主要是由於戰爭期間對烏克蘭的投資增加所致。

Excluding Ukraine, our CapEx intensity would have been in line with our guidance of 18% to 19%. This higher CapEx also impacted our equity-free cash flow, which declined 2.2% year on year to USD403 million. In 2024, we also made good progress in strengthening our balance sheet. Our net debt to EBITDA ratio is down to 1.3% as of the year end from 1.5 times as of Q3 and 1.4 times from the last year end. We ended the year with $1.7 billion in cash, including $481 million at the headquarters level. Since the end of 2024, we have received remaining proceeds from our TNS+ sale and further dividends from our operating companies.

除烏克蘭外，我們的資本支出強度將符合我們的 18% 至 19% 的預期。更高的資本支出也影響了我們的無股權現金流，其年減 2.2% 至 4.03 億美元。2024年，我們在加強資產負債表方面也取得了良好進展。截至年底，我們的淨債務與 EBITDA 比率已從第三季的 1.5 倍和去年年底的 1.4 倍降至 1.3%。截至年底，我們的現金餘額為 17 億美元，其中包括總部層級的 4.81 億美元。自 2024 年底以來，我們已收到 TNS+ 銷售的剩餘收益以及來自營運公司的進一步股息。

I will now provide a brief overview of our revenue and FTA growth in underlying terms across our portfolio. Our Pakistan business was the strongest performer with its revenues growing 22.7% and EBITDA growing 15.6%, both in local currency terms. Ukraine delivered a stellar second half as it emerged stronger from the cyber attack. Revenues grow 13.7% and EBITDA grew 10.3% in local currency terms.

現在，我將簡要概述我們整個投資組合的收入和 FTA 成長。我們的巴基斯坦業務表現最為強勁，以當地貨幣計算，其營收成長 22.7%，EBITDA 成長 15.6%。烏克蘭在網路攻擊後表現強勁，下半年表現亮眼。以當地貨幣計算，營收成長 13.7%，EBITDA 成長 10.3%。

Kazakhstan continues to deliver robust growth as reflected in the underlying growth trends that adjust for the deconsolidation of TNS+ business in Q4.

哈薩克持續保持強勁成長勢頭，這從第四季度調整 TNS+ 業務分割後的潛在成長趨勢中可以看出。

Uzbekistan delivers solid revenue growth. But EBITDA was impacted by a prior year one-off and elevated operating expenses from network investment rollouts. That position is well for the future of our network quality. I will share more details on this matter later.

烏茲別克營收穩定成長。但 EBITDA 受到上一年一次性支出和網路投資推廣導致的營運費用增加的影響。這一立場對我們未來的網路品質非常有利。我稍後會分享更多有關此事的細節。

Finally, Bangladesh business was severely impacted by the political changes and unrest and the challenging macroeconomic environment throughout the year. Excluding the impact from this, its revenue base would have been stable.

最後，孟加拉的業務全年受到政治變化和動盪以及充滿挑戰的宏觀經濟環境的嚴重影響。排除此影響，其收入基礎將是穩定的。

Multiplay, which counts customers that use at least one digital service in addition to voice and data services, is a key feature of our digital operators 1,440 growth strategy. Increased 4G adoption remains also being the key driver of our growth. While total 4G user base grew 5.3% year on year, it has reached 12.7% when excluding Ukraine and Bangladesh. As you can imagine, in Ukraine and Bangladesh, user numbers are impacted by specific challenges.

多重播放，即統計除語音和數據服務外還使用至少一種數位服務的客戶，是我們數位營運商 1,440 成長策略的關鍵特徵。4G 普及率的提高仍然是我們成長的主要驅動力。雖然 4G 用戶總數年增 5.3%，但如果不包括烏克蘭和孟加拉國，則成長了 12.7%。可以想像，在烏克蘭和孟加拉國，使用者數量受到特定挑戰的影響。

Multiplayer segment drives growth with stronger customer engagement, higher data consumption, more frequent usage of voice services, improved retention, and ARPU expansion. Our multiplay customers continue to generate 3 to 3.5 times the ARPU as compared to voice-only customers. This increased ARPU is driven by additional consumption of data due to increasing usage of our digital applications and platforms, which enhances the customer experience.

多人遊戲部門透過更強的客戶參與度、更高的數據消耗、更頻繁的語音服務使用、更高的保留率和 ARPU 的擴大來推動成長。與僅語音客戶相比，我們的多播客戶產生的 ARPU 仍為 3 至 3.5 倍。由於我們的數位應用程式和平台的使用率不斷提高，數據消耗也隨之增加，從而提升了客戶體驗，推動了 ARPU 的成長。

Let me now delve deeper into our digital revenue growth. These revenues are generated through our core digital services, including financial services, healthcare, education, entertainment, and enterprise services such as advertising technologies, cloud, and software development.

現在讓我更深入地探討一下我們的數位收入成長。這些收入來自我們的核心數位服務，包括金融服務、醫療保健、教育、娛樂以及廣告技術、雲端和軟體開發等企業服務。

In 2024, our direct digital revenues reached $460 million growing by an impressive 63% year on year, and now accounting for 11.5% of total revenues. For Q4 alone, these revenues grew 42% year on year and comprised 12.6% of total revenues. We expect this trend to continue as we expand our digital portfolio and capture underlying customer demand across our markets.

2024 年，我們的直接數位收入達到 4.6 億美元，年增 63%，目前佔總營收的 11.5%。光是第四季度，這些營收就年增 42%，佔總營收的 12.6%。隨著我們擴大數位產品組合併滿足各個市場的潛在客戶需求，我們預計這一趨勢將會持續下去。

Looking to individual countries, let's start with Ukraine. Kyivstar has delivered a strong finish to 2024. Underlying local currency growth, adjusting for the cyberattack impact was 13.7%. Underlying EBITDA grew by 10.3% despite ongoing network and utility cost pressures.

就具體國家而言，我們先從烏克蘭開始。Kyivstar 在 2024 年取得了圓滿成功。經網路攻擊影響調整後，基礎本幣成長率為 13.7%。儘管面臨持續的網路和公用事業成本壓力，但基礎 EBITDA 仍成長了 10.3%。

We are also happy to report that all operating metrics, including subscriber numbers, minutes of usage, data consumption, and churn, are now trending positively relative to the pre-cyberattack period.

我們也很高興地報告，所有營運指標，包括用戶數量、使用分鐘數、數據消耗和流失率，相對於網路攻擊之前都呈現正面趨勢。

Direct digital revenues increase 122% year on year, driven by Kyivstar TV, Kyivstar Cloud, and Helsi, our health platform. Digital revenues comprise only 2.4% of total revenues, which shows the significant growth potential ahead. I'm pleased to inform you that Kyivstar has signed an agreement to acquire Uklon, Ukraine's leading ride-hailing business. The transaction values Uklon at USD160 million and we have acquired 97% of it. Uklon also offers delivery services and advertising services. It operates in 27 Ukrainian cities and unites more than 100,000 driver partners on the platform. Uklon also recently expanded its operations to Uzbekistan.

直接數位營收年增 122%，這主要得益於 Kyivstar TV、Kyivstar Cloud 和我們的健康平台 Helsi。數位收入僅佔總收入的2.4％，這表明未來具有巨大的成長潛力。我很高興地通知大家，Kyivstar 已經簽署協議，收購烏克蘭領先的叫車服務公司 Uklon。此次交易對 Uklon 的估值為 1.6 億美元，我們已收購其 97% 的股份。Uklon 也提供外送服務和廣告服務。該公司在烏克蘭 27 個城市開展業務，並在平台上聯合了超過 10 萬名司機合作夥伴。Uklon 最近也將業務擴展到烏茲別克。

Fourth quarter of 2024 was a landmark quarter for Kyivstar. In November, restrictions on Van's corporate rights in Kyivstar were lifted.

2024 年第四季對於 Kyivstar 來說是一個具有里程碑意義的季度。11 月，對 Van 在 Kyivstar 的公司權利的限制被取消。

In December, Kyivstar partnered with Starling to bring direct to cell satellite connectivity in Ukraine.

12 月，Kyivstar 與 Starling 合作，為烏克蘭提供直接的手機衛星連線。

We have also decided to list Kyivstar on Nasdaq. Let me now take a couple of minutes to highlight why Kyivstar makes a compelling investment proposition.

我們也決定將 Kyivstar 在納斯達克上市。現在，請容許我花幾分鐘來解釋為什麼 Kyivstar 提出了一個引人注目的投資主張。

First, Kyivstar is a national champion, recognized as Ukraine's leading digital operator and one of the most iconic national brands. Second, Kyivstar is a highly profitable entity with robust free cash flow and multiple growth levels just discussed.

首先，Kyivstar 是全國冠軍，被公認為烏克蘭領先的數位營運商和最具代表性的國家品牌之一。其次，Kyivstar 是一家高利潤實體，擁有強勁的自由現金流和剛才討論過的多個成長水準。

Third, the business is supported by a very strong balance sheet, which is free of external debt and has ample liquidity. Fourth, Kyivstar's world-class management team are proven leaders with a track record of resilience through war, and robust governance.

第三，業務擁有非常強勁的資產負債表支撐，無外債，流動性充足。第四，Kyivstar 的世界級管理團隊是久經考驗的領導者，具有在戰爭中堅韌不拔的記錄和強有力的治理能力。

Last but not least, Kyivstar's listing will offer scarcity value as the only US listed vehicle for investors who want to participate in Ukraine's recovery and growth potential. Listening Kyivstar in the US is independent on the successful completion of the business combination with Kohen Circle. We are excited about this and look forward to sharing more details with you as we execute on Kyivstar's listing.

最後但同樣重要的一點是，對於想要參與烏克蘭復甦和成長潛力的投資者來說，Kyivstar 作為唯一的美國上市工具，其上市將提供稀缺價值。美國的 Listening Kyivstar 依賴與 Kohen Circle 成功完成業務合併。我們對此感到非常興奮，並期待在執行 Kyivstar 上市時與您分享更多細節。

Moving to Pakistan, Jazz continues to deliver robust growth with revenues increasing 23% and EBITDA rising 15.6%. Jazz's telecom and infrastructure revenues grew at 11.6% in 2024, which highlights the strength of Jazz's network and innovative services. Direct digital revenues surged by 78% and contributes 24.5% of total revenues in Pakistan.

在巴基斯坦，Jazz 繼續保持強勁成長，營收成長 23%，EBITDA 成長 15.6%。2024 年，Jazz 的電信和基礎設施收入成長了 11.6%，凸顯了 Jazz 的網路和創新服務的實力。直接數位收入激增 78%，佔巴基斯坦總收入的 24.5%。

JazzCash revenues increased by a whopping 116% and Mobilink Microfinance Bank grew 32% year on year. Meanwhile, the strategic partnership with Engro Corporation on infrastructure sharing, executing our asset light strategy will bolster just service-focused businesses.

JazzCash 的營收年增了 116%，Mobilink Microfinance Bank 的營收年增了 32%。同時，與Engro Corporation在基礎設施共享方面建立的策略合作夥伴關係，實施我們的輕資產策略將支援以服務為中心的業務。

The transaction is going through customary legal and regulatory approval process. Once completed, Engro will pay just $188 million and guarantee repayment of Deodar's intercompany debt of $375 million.

該交易正在履行常規的法律和監管審批程序。一旦完成，Engro 只需支付 1.88 億美元，並保證償還 Deodar 的 3.75 億美元公司間債務。

Moving on to Kazakhstan. Headline financials reflect the deconsolidation of TNS+ effective Q4 2024. Excluding TNS+ deconsolidation, telecom and infrastructure revenues grew 15.3%. Beeline's growing market share and traction is a testament to the success of its 4.9G rollout. Our performance with 4.9G networks is remarkably strong versus competitors servicing 5G networks and we are gaining market share.

繼續前往哈薩克。整體財務數據反映出 TNS+ 自 2024 年第四季起不再合併。不計TNS+拆分，電信和基礎設施收入成長了15.3%。Beeline 不斷增長的市場份額和吸引力證明了其 4.9G 推出的成功。與服務 5G 網路的競爭對手相比，我們在 4.9G 網路方面的表現非常強勁，我們的市場份額正在不斷擴大。

Beeline's digital portfolio continued to grow robustly. Simply, our financial services platform continues to scale strongly with 145% rise in monthly active users, which I will just refer to as users here on to 3.2 million. Cascot is our enterprise solutions company that has a team of over 800 employees that includes 400 developers and data scientists. It is one of the largest software firms in Kazakhstan and Central Asia.

Beeline 的數位投資組合持續強勁成長。簡單來說，我們的金融服務平台持續強勁擴張，每月活躍用戶成長了 145%，我在這裡簡稱為用戶，達到 320 萬。Cascot 是我們的企業解決方案公司，擁有 800 多名員工，其中包括 400 名開發人員和資料科學家。它是哈薩克和中亞最大的軟體公司之一。

I wanted to particularly highlight CAS Code's development and launch of CAS LLM, an open source Kazakh language, large language model in collaboration with Barcelona Supercomputing Center, G SMA Foundry, and Kazakh National Research Institutions.

我想特別強調 CAS Code 與巴塞隆納超級計算中心、G SMA Foundry 和哈薩克國家研究機構合作開發和推出的 CAS LLM，這是一種開源哈薩克語大型語言模型。

Beeline and Cascode have already launched several AI solutions and services developed in-house, which are being used internally and externally. Turning to Bangladesh. The country faced significant challenges in the second half of 2024, with macroeconomic pressures weighing on the broader economy and telecom industry.

Beeline 和 Cascode 已經推出了多種內部開發的 AI 解決方案和服務，正在內部和外部使用。轉向孟加拉。2024 年下半年，該國面臨重大挑戰，宏觀經濟壓力對整體經濟和電信產業造成壓力。

Whilst the interim government is taking the right steps after the political unrest, customer sentiment is yet to show any sustained recovery. In response, Banglalink has strategically pivoted to optimize its distribution model and customer acquisition strategy, which is beginning to structurally lower cost without effective revenue share.

儘管臨時政府在政治動盪之後採取了正確的措施，但消費者情緒尚未顯示出任何持續的復甦。作為回應，Banglalink 已策略性地轉向優化其分銷模式和客戶獲取策略，該策略開始在不進行有效收入分成的情況下從結構上降低成本。

Despite these challenges, direct digital revenues were 66% up as Banglalink remains commit to its digital operator strategy. Successful launch of the AI enabled lifestyle application Rice in November is a good example with regard to this fact. Rice recorded 220,000 users by December, just a month into the launch.

儘管面臨這些挑戰，由於 Banglalink 仍然致力於其數位營運商策略，直接數位收入仍成長了 66%。11 月成功推出的人工智慧生活方式應用程式 Rice 就是一個很好的例子。截至 12 月，Rice 的用戶數已達 22 萬，而當時該服務才剛推出一個月。

Looking ahead, we are optimistic that worst of the macroeconomic impact is in the past. And Banglalink is well positioned to drive sustainable long-term growth. Turning to Uzbekistan, Beeline and Uzbekistan focused on enhancing its foundations and doubling down on digital adjacencies in 2024.

展望未來，我們樂觀地認為，宏觀經濟影響最糟糕的時期已經過去。Banglalink 已做好準備，推動長期永續成長。談到烏茲別克斯坦，Beeline 和烏茲別克專注於加強其基礎並在 2024 年加倍加強數位鄰接。

Revenues grew 9.4% in local currency terms. EBITDA declined by 3.7%, largely reflecting higher operating expenses from network rollouts and one of tax-related impacts in the year earlier. Digital revenues increased 21% and now compromise 4.2% of total revenues. People, our financial services product.

以當地貨幣計算，收入增加了 9.4%。EBITDA 下降了 3.7%，主要反映了去年網路部署帶來的營運費用增加以及稅收相關影響之一。數位收入成長了 21%，目前佔總收入的 4.2%。人，我們的金融服務產品。

Our integrated financial services platform into our super apps scaled rapidly. In Q4, we saw the launch of a new super app, Humvee, meaning all in one in Uzbek language. Humvee is off to a strong start with 5 million users in a short time frame. Meanwhile, we welcome government's decision to reduce the excise tax on mobile communications industry.

我們整合到超級應用程式中的金融服務平台迅速擴展。在第四季度，我們看到了一款新的超級應用程式 Humvee 的推出，在烏茲別克語中意為「一體化」。悍馬開局強勁，在短時間內就擁有了 500 萬用戶。同時，我們歡迎政府降低行動通訊產業消費稅的決定。

This development has enabled us to accelerate our 4.9G rollout, benefiting both the industry and the consumers. We look forward to welcoming the industry at G SMA Mobile 360 Eurasia in Tashkent in May.

這項進展使我們能夠加快 4.9G 的推出，使產業和消費者都受益。我們期待五月在塔什幹舉行的 G SMA Mobile 360​​ Eurasia 展會上歡迎業界的到來。

Let me explore our digital ecosystem in more detail. We continue to see strong growth across our digital platforms. Our total digital users reached 122 million, reflecting a 27% increase. Within that base, we are witnessing even faster expansion in digital only users growing at 37% to 29 million. This trend underscores how our digital products are rapidly gaining traction and becoming the applications of choice for customers in competitive markets.

讓我更詳細地探討一下我們的數位生態系統。我們的數位平台持續呈現強勁成長。我們的數位用戶總數達到1.22億，成長了27%。在此基礎上，我們見證了純數位用戶數量的更快擴張，成長了 37%，達到 2,900 萬。這一趨勢凸顯了我們的數位產品如何迅速獲得關注並成為競爭激烈的市場中客戶的首選應用程式。

In 2024, we focused on AI with a clear focus on augmented, augmenting human capabilities and launched our AI 1440, augmented intelligence in every single minute in a day strategy. We accelerated the integration of AI powered features in our digital applications, bringing AI to our customers in their native languages. We are going well beyond using AI just for process optimization.

2024年，我們專注於人工智慧，明確地專注於增強人類的能力，並推出了AI 1440，即每分鐘增強智慧的策略。我們加速了人工智慧功能在數位應用程式中的集成，以客戶的母語為他們提供人工智慧。我們已經遠遠超出了使用人工智慧僅僅進行流程優化的範疇。

Starting with mobile financial services, we now have a total customer base of 38 million across our financial services platforms, an increase of 42% year on year. Let me focus on top three of these performances. In Pakistan, JazzCash's gross transaction value rose 64% to $34 billion representing 9% of Pakistan's GDP.

從行動金融服務開始，目前我們金融服務平台的客戶總數已達3,800萬，較去年同期成長42%。讓我重點介紹一下其中的前三場表演。在巴基斯坦，JazzCash 的總交易額成長 64%，達到 340 億美元，佔巴基斯坦 GDP 的 9%。

This growth was supported by a 40% year on year rise in total transactions and 33% rise in average transaction value per user. JazzCash continues to expand its retail distribution network, which now has 350,000 merchants. On average, we are now issuing more than 140,000 loans every single day.

這一增長得益於總交易量同比增長 40% 以及每位用戶平均交易額增長 33%。JazzCash 繼續擴大其零售分銷網絡，目前擁有 35 萬家商家。平均而言，我們現在每天發放超過 14 萬筆貸款。

Simply, Kazakhstan's second largest digital services operator continues to scale strongly with 145% rise in users. Reaching 3.2 million. In Uzbekistan, people's revenues grew almost 2.3 times in 2024. And user numbers increased 3.6 times, reaching 2.4 million users as of December and. Our entertainment platforms continue to deliver unique content and experiences reaching 41 million users across Pakistan, Bangladesh, Kazakhstan, Ukraine, and Uzbekistan.

簡而言之，哈薩克第二大數位服務營運商繼續強勁擴張，用戶數量成長了 145%。達到320萬。在烏茲別克，2024年人民的收入成長了近2.3倍。截至 12 月，用戶數量增加了 3.6 倍，達到 240 萬用戶。我們的娛樂平台繼續提供獨特的內容和體驗，覆蓋巴基斯坦、孟加拉、哈薩克、烏克蘭和烏茲別克的 4,100 萬用戶。

Tamasha in Pakistan remains our largest platform with 17.1 million users. Toe is now the largest OTT platform in Bangladesh, offering linear TV. The recently concluded ICC cricket championship has driven a strong uptick in user numbers and engagement. Tamasha during the games registered 22 million users and Toffee registered 8.5 million users during this period.

巴基斯坦的 Tamasha 仍然是我們最大的平台，擁有 1710 萬用戶。Toe 現在是孟加拉最大的 OTT 平台，提供線性電視。近期結束的 ICC 板球錦標賽推動了用戶數量和參與度的強勁上升。奧運期間，Tamasha 註冊用戶達 2,200 萬，Toffee 註冊用戶達 850 萬。

Kyivstar TV in Ukraine has shown impressive growth with users increasing by 55% to 2 million.

烏克蘭的 Kyivstar TV 取得了令人矚目的成長，用戶數量增加了 55%，達到 200 萬。

BTV in Kazakhstan has maintained steady growth with users up 8% to 1 million. We are evolving our self-care platforms into super apps which offer a wide variety of services to all customers, including from other telecom operators and serving them healthcare, education, entertainment, e-commerce in a single easy to use platform. Our super apps are now serving 43 million customers, up 17%. Our premium digital brands are targeted at digital natives and combined advanced digital entertainment features with telecom services.

哈薩克BTV維持穩定成長，用戶數量成長8%，達到100萬。我們正在將我們的自助平台發展成為超級應用程序，為所有客戶提供各種各樣的服務，包括來自其他電信運營商的服務，並在一個易於使用的平台上為他們提供醫療保健、教育、娛樂、電子商務等服務。我們的超級應用程式目前為 4,300 萬客戶提供服務，成長了 17%。我們的優質數位品牌針對數位原生代，將先進的數位娛樂功能與電信服務結合。

These have all launched in the last 12 to 15 months and are now showing impressive traction. Rocks in Pakistan has hit a million users. Easy in Kazakhstan has grown its user base to 700,000. Riceis in Bangladesh has 220,000 users just a month after launch.

這些都是在過去 12 到 15 個月內推出的，現在正顯示出令人印象深刻的吸引力。Rocks 在巴基斯坦的用戶數已達百萬人。哈薩克的 Easy 用戶群已成長至 70 萬。孟加拉的 Riceis 推出僅一個月後就擁有了 22 萬名用戶。

Lastly, our healthcare platforms. In Ukraine, health elites with over 28 million registered patients, marking a 5% year on year increase. The platform supports more than 1,600 active healthcare institutions, 39,000 doctors and specialists, and many laboratories. An AI engine to help customers analyze the results of laboratory tests and inform on potential health risks sees a strong demand.

最後，我們的醫療保健平台。在烏克蘭，衛生精英註冊患者超過2800萬，年增5%。該平台支援超過 1,600 家活躍的醫療機構、39,000 名醫生和專家以及許多實驗室。幫助客戶分析實驗室測試結果並告知潛在健康風險的人工智慧引擎需求強勁。

In Pakistan, Flicker-free, meaning no worries, was launched in the fourth quarter. Ficker-free is an insurance and healthcare marketplace application, offering a variety of insurance products and healthcare services. Including e-pharmacy and doctor consultations. It is off to a great start, with over 1.4 million users registered and 1.2 million active insurance policies sold.

在巴基斯坦，「無閃爍」 (Flicker-free) 即無憂無慮，已於第四季推出。Ficker-free 是一款保險和醫療保健市場應用程序，提供各種保險產品和醫療保健服務。包括電子藥房和醫生諮詢。它開局良好，註冊用戶超過 140 萬，有效保單銷售量達 120 萬份。

With that, I will now hand over to Burak to carry you through the financials.

好了，現在我將把時間交給布拉克 (Burak)，讓他為您處理財務事宜。

Thanks, Kaan. In financial year '24, we achieved robust revenue growth, with total revenue reaching slightly over $4 billion and 8.3% increase year over year. Adjusting for identified items, as Kann has explained earlier, and the sale of TNS+ in Kazakhstan, our underlying revenue grew by 14.6% in local currency. Direct digital revenue was a standout performance. Growing by 63% to $460 million reflecting the successful expansion of our digital platform and services. Our revenue growth was driven by market share gains, disciplined inflationary pricing strategies, and the continued expansion of our digital ecosystems.

謝謝，卡恩。在24財年，我們實現了強勁的營收成長，總營收略高於40億美元，年增8.3%。正如 Kann 之前所解釋的那樣，根據已確定的項目進行調整，以及在哈薩克斯坦銷售 TNS+，我們的基本收入以當地貨幣計算增長了 14.6%。直接數字收入表現突出。成長 63% 至 4.6 億美元，反映了我們的數位平台和服務的成功擴展。我們的收入成長得益於市場份額的成長、嚴格的通膨定價策略以及數位生態系統的持續擴張。

Taking a closer look at the 4 shortage, we delivered solid results with total revenue reaching $998 million a 4.7% increase year over year. Adjusting for identified items and the sale of TNS+ in Kazakhstan, our underlying revenue continued to grow by double digits, increasing 11.1% in local currency. Direct digital revenue continued to be the key driver, growing by 42.4% to $126 million. Reflecting the ongoing expansion and adaptation of our digital platforms.

仔細研究 4 個短缺問題，我們取得了穩健的業績，總收入達到 9.98 億美元，年增 4.7%。調整已確定的項目和哈薩克 TNS+ 的銷售額後，我們的基本收入繼續保持兩位數增長，以當地貨幣計算增長了 11.1%。直接數位收入持續成為主要驅動力，成長 42.4%，達到 1.26 億美元。反映了我們數位平台的持續擴展和適應。

Turning to profitability. AI the 42 2024 reached $1.7 billion reflecting 4.9% growth. Adjusting for identified items and the sale of TNS+ in Kazakhstan, our underlying the growth was 12% in local currency terms. A the margin for the year stood at 42.2%. A decrease of 1.3% points and reflects some of the challenges we discussed earlier.

轉向盈利能力。2024 年人工智慧市場規模達 17 億美元，成長率為 4.9%。調整已確定的項目和哈薩克 TNS+ 的銷售額後，以當地貨幣計算，我們的成長率為 12%。全年利潤率為42.2%。下降了 1.3%，反映了我們之前討論過的一些挑戰。

With digital at 12% of revenues now, our margin profile is also starting to reflect the combination of higher telco margins, coupled with strong but comparatively lower digital margins. We are comfortable with this margin profile as we expect the combination to continue to drive better absolute growth. We also know digital businesses have much lower CapEx intensity relative to telco.

目前，數位業務佔總營收的 12%，我們的利潤率狀況也開始反映出電信利潤率較高，加上數位業務利潤率強勁但相對較低這兩個因素的結合。我們對這種利潤率狀況感到滿意，因為我們預計這種組合將繼續推動更好的絕對成長。我們也知道，與電信公司相比，數位業務的資本支出強度要低得多。

Hence, we would expect cash generation for both telco and digital to be very comparable as a proportion of revenues. Focusing on fourth quarter alone, Group EBITDA reached $408 million marking 11.3% year over year increase in reported currency and 14.1% rise in underlying local currency terms.

因此，我們預期電信和數位的現金產生量佔收入的比例將非常可比。光是看第四季度，集團 EBITDA 就達到 4.08 億美元，以報告貨幣計算年增 11.3%，以當地貨幣計算成長 14.1%。

Looking ahead, we remain focused on optimizing our cost structure and enhancing operational efficiency to drive sustainable growth. Now, shifting our focus to key balance sheet figures. We have significantly strengthened our liquidity position.

展望未來，我們將持續致力於優化成本結構、提高營運效率，以推動永續成長。現在，我們將焦點轉移到關鍵的資產負債表數字。我們已顯著增強了流動性狀況。

With cash reserves rising 65.6% quarter on quarter to $1.7 billion which includes $481 million held at headquarters. As Carl mentioned earlier, we have since received the remaining portion of our receivables from the sale of TNS+. And our of course have upstreamed further dividends as well. All in all, we are in a comfortable position to redeem our debt maturities in 2025.

現金儲備環比成長 65.6% 至 17 億美元，其中包括總部持有的 4.81 億美元。正如卡爾之前提到的，我們已經收到了出售 TNS+ 所得的剩餘應收帳款。當然，我們也進一步增加了股利。總而言之，我們有能力在 2025 年償還到期債務。

Our net debt to bid the ratio, excluding leases improved to 1.3 times, down from 1.5 times last quarter. This reflects our disciplined approach to debt management and commitment to maintaining a healthy balance sheet. I will now hand it back over to come.

我們的淨債務與投標比率（不包括租賃）改善至 1.3 倍，低於上一季的 1.5 倍。這反映了我們嚴謹的債務管理方法和維持健康資產負債表的承諾。我現在將它交還給您。

Looking forward, we are focused to continue delivering on our strategy. A pivotal milestone ahead is the listing of Kyivstar, offering investors a unique opportunity to participate in Ukraine's recovery and growth potential. Our markets have significant growth potential as our digital operator strategy leave us well-balanced in optimally leverage point.

展望未來，我們致力於繼續實施我們的策略。未來的一個重要里程碑是 Kyivstar 的上市，它為投資者提供了參與烏克蘭復甦和成長潛力的獨特機會。由於我們的數位營運商策略使我們在最佳槓桿點上保持平衡，因此我們的市場具有巨大的成長潛力。

We are also exploring accretive in market opportunities that allow us to improve our market position. We will continue to deliver on our asset light strategy, which will also improve our operating flexibility while we continue to focus on reducing costs and overall leverage. We are focused on delivering shareholder value. As I mentioned earlier, we have completed phase one of our buyback with $30 million.

我們也正在探索能夠提升我們市場地位的市場增值機會。我們將繼續推行輕資產策略，這也將提高我們的營運彈性，同時我們將繼續專注於降低成本和整體槓桿率。我們專注於實現股東價值。正如我之前提到的，我們已經完成了第一階段的回購，金額為 3000 萬美元。

Today, I am pleased to announce that our board has approved phase two of the buyback for an additional $35 million which will be commencing shortly. Let me now provide you our outlook and guidance for 2025. In local currency terms, we expect total revenue growth of 12% to 14% year on year.

今天，我很高興地宣布，我們的董事會已經批准了第二階段的回購計劃，額外回購 3500 萬美元，並將很快開始。現在，讓我向你們提供我們對 2025 年的展望和指導。以當地貨幣計算，我們預計總收入將年增 12% 至 14%。

And EBITDA growth of 13% to 15%. We expect COE's intensity between 17% and 19%. I will point out that our guidance factors in a blended weighted average inflation rate of 8.2% as of the year end.

EBITDA 成長 13% 至 15%。我們預計 COE 的強度在 17% 至 19% 之間。我要指出的是，我們的指導因素考慮了截至年底的 8.2% 的混合加權平均通膨率。

Do note that our results and guidance in local currency terms for 2025 are likely to be impacted if there is a big change in underlying inflation levels. We are ready to do more in 2025. We look forward to continuing to deliver on our strategy and creating sustainable value for our stakeholders.

請注意，如果潛在通膨水準發生重大變化，我們 2025 年以當地貨幣計算的業績和指導可能會受到影響。我們準備在 2025 年取得更多成就。我們期待繼續實施我們的策略並為我們的利害關係人創造可持續的價值。

Thank you for your continued support and trust in beyond. Now let's open the line for Q&A.

感謝您一直以來對beyond的支持與信任。現在讓我們開始問答環節。

Thank you. At this time, if you would like to ask a question, please click on the raise hand button which can be found on the black bar at the bottom of your screen. When it is your turn, you will receive a message on your screen inviting you to join as a panelist. Please accept and wait until you are promoted to a panelist. Please unmute your audio, turn on your camera, and ask your question.

謝謝。此時，如果您想提問，請點擊螢幕底部黑條上的舉手按鈕。輪到您時，您將在螢幕上收到一條訊息，邀請您作為小組成員加入。請接受並等待，直到您被提升為小組成員。請取消靜音，打開鏡頭，然後提出您的問題。

As a reminder, we are allowing analysts one question and one related follow up today. Written questions can be submitted on the webcast using the Ask a question tab at the top right of your screen we will pause a moment to allow the queue to form.

提醒一下，今天我們允許分析師提出一個問題和一個相關的後續問題。書面問題可以透過網路廣播提交，使用螢幕右上角的「提問」選項卡，我們將暫停片刻以允許隊列形成。

David Lopes, New Street Research.

大衛‧洛佩斯（David Lopes），新街研究公司（New Street Research）。

Hi, can you hear me?

嗨，你聽得到我說話嗎？

Yes, we can.

是的，我們可以。

Hi, thank you for the opportunity for questions and congratulation s on the solid 2024 performance. And got three questions, if I may 1st one would be on your full-year '25 guidance. I was wondering if you could comment on the key drivers behind the guidance may perhaps which countries will contribute the most.

你好，感謝您給我提問的機會，並祝賀您在 2024 年取得的優異成績。我有三個問題，如果可以的話，第一個問題是關於您的 25 年全年指導。我想知道您是否可以評論一下該指導背後的關鍵驅動因素，也許哪些國家將做出最大的貢獻。

And on the, on CapEx, I was wondering if you. Could comment on the intensity beyond 2025. And then my second question will be on competition. I was wondering if you could talk to us about the latest developments in competition in your main markets.

關於資本支出，我想知道您是否。可以評論一下 2025 年以後的強度。我的第二個問題是關於競爭。我想知道您是否可以與我們談談貴公司主要市場競爭的最新發展。

And the last one, a quick one on the towers. I was wondering if you could update us about your plans and what are the progress on the remaining towers. Thank you very much.

最後一個，快速的關於塔樓。我想知道您是否可以向我們介紹一下您的計劃以及其餘塔樓的進展。非常感謝。

Thank you very much, David. So let me pick the questions one by one. Let's start with the 2025 growth expectations and what drives the growth. Clearly, our direct digital revenues now reaching almost 12.4% in Q4. I expect this growth to be significant this year as well. I think it would not be a surprise to increase it 1% point in terms of percentage of the business every single quarter moving onwards. And this is primarily driven by our success in financial services and entertainment services. But also let's not forget that our recent acquisitions, including Uklon, the ride-hailing business, will bring us additional revenue potential as we are able to serve the unmet demand in our markets.

非常感謝，大衛。因此，讓我逐一回答這些問題。讓我們從 2025 年的成長預期以及推動成長的因素開始。顯然，我們的直接數位收入在第四季已達到近 12.4%。我預計今年的成長也將十分顯著。我認為，以後每季增加 1% 的業務百分比並不令人意外。這主要得益於我們在金融服務和娛樂服務領域的成功。但我們也不要忘記，我們最近的收購，包括叫車業務 Uklon，將為我們帶來額外的收入潛力，因為我們能夠滿足市場上未滿足的需求。

We are uniquely positioned to be in frontier markets. Our customers are underserved, not getting the services that they deserve. And we will be there to provide them the services in our local markets from Ukraine to Bangladesh. From a country perspective, I do expect Ukraine and also Pakistan and Kazakhstan to continue on very strong growth.

我們在前沿市場擁有獨特的優勢。我們的客戶沒有得到充分的服務，也沒有得到他們應得的服務。我們將在從烏克蘭到孟加拉的當地市場為他們提供服務。從國家角度來看，我確實預計烏克蘭、巴基斯坦和哈薩克將繼續保持強勁成長。

I do also expect that Uzbekistan with new tax regime will be a strong contributor. Time will tell in terms of how fast the con consumer confidence in Bangladesh will come back. But I have no doubt, with 180 million population, this country is one of the biggest growth potentials as the time

我也確實希望實施新稅制的烏茲別克能做出強而有力的貢獻。時間將證明孟加拉國消費者信心將以多快的速度恢復。但我毫不懷疑，這個擁有 1.8 億人口的國家是當今最具成長潛力的國家之一。

goes on. Now, looking to CapEx's guidance, we are now almost 65% in terms of 5G penetration, and I'm sure in the last four years, I have repeated this many times. We see 70% as the sweet spot for our 4G, penetration. So probably 12 more quarters, we will be there. But having said that, we are now seeing that we are successfully competing against 5G with our 4.5G technology, which includes virtualization of the core, massive MIMO, and carrier aggregation.

繼續。現在，根據 CapEx 的指導，我們的 5G 普及率已接近 65%，我相信在過去四年中，我已經多次重複這一點。我們認為 70% 是 4G 普及率的最佳點。所以可能再過 12 個季度，我們就會達到這個水準。但話雖如此，我們現在看到，我們正在利用我們的 4.5G 技術成功與 5G 競爭，該技術包括核心虛擬化、大規模 MIMO 和載波聚合。

We will, I believe we will be strong in service quality and meeting the expectations of the customers. I do expect post 2025, our CapEx to go lower towards 16% year on year from the current levels.

我們會的，我相信我們會在服務品質和滿足客戶期望方面表現出色。我確實預計，2025 年後，我們的資本支出將從目前的水平逐年下降至 16%。

Looking to competition. Lots of changes happening in different markets. We are welcoming ELA as a new competitor in Ukraine. We are always excited to compete on fair-based terms.

期待競爭。不同市場正在發生許多變化。我們歡迎 ELA 作為烏克蘭的新競爭對手。我們始終熱衷於在公平的條件下競爭。

We also see a new competitor coming into Kazakhstan. We would like to welcome also Qatari investors in Kazakhstan as, the market shows great potential. And, clearly, the -- our ability to go as a digital operator positions now our company, not just with the traditional telecom competitors. And we will be actually keeping a closer eye on this as we progress. With regard to the towers, we still, have quite a lot of tower assets in Ukraine, in Uzbekistan, in Kazakhstan.

我們還看到一個新的競爭對手進入哈薩克。我們也歡迎卡達投資者到哈薩克投資，因為哈薩克市場潛力巨大。顯然，我們作為數位營運商的能力使我們的公司不再僅限於與傳統電信競爭對手的競爭。隨著研究的進展，我們實際上會更加密切地關注這一點。關於塔，我們在烏克蘭、烏茲別克、哈薩克仍然擁有相當多的塔資產。

As this year, we have announced an important deal with Engro Corporation about our towers for more than a $500 million consideration. And I do expect also, that to be closed hopefully over the next couple of quarters. But we have a strong commitment in terms of being an asset-light company and we believe the towers are naturally owned by independent tower companies and no telecom company can afford exclusive networks anymore. We will execute on that.

今年，我們宣布與 Engro Corporation 達成了一項有關我們的塔樓的重要交易，價值超過 5 億美元。我也確實希望，這個問題能在接下來的幾季內解決。但我們在成為輕資產公司方面有著堅定的承諾，我們相信這些塔自然歸獨立的塔公司所有，而且沒有一家電信公司能夠再負擔得起獨家網路。我們將執行這一目標。

Thank you very much, David.

非常感謝，大衛。

Very clear. Thank you very much.

非常清楚。非常感謝。

Nicholas Payton, Edison Group.

尼古拉斯·佩頓，愛迪生集團。

Good afternoon, everybody. So I just have a question on the, hi, I just have a quick question on the guidance, for 2027. So if I look at the growth for 2025 that you're looking for, it seems to leave quite a lot for 2026 and 2027 to be able to hit your 16 to 19 CAGR for the entire period. Is there something that, Is there something that we're missing out of the equation? It does it include acquisitions or are you expecting, the organic growth to accelerate in the latter two years for the guidance period?

大家下午好。所以我只是想問一個關於 2027 年指導的問題，嗨，我只是想問一個關於 2027 年指導的簡單問題。因此，如果我看一下您所期望的 2025 年的成長，那麼 2026 年和 2027 年似乎還有很大的發展空間，可以在整個期間達到 16 到 19 的複合年增長率。是不是有什麼，是不是有什麼是我們忽略了的？它是否包括收購，或者您是否預計在指導期的後兩年內有機成長會加速？

Nicolas, thanks a lot for asking the question and also giving me the opportunity to clarify. Local currency growth rates and are clearly a function of the inflation, right? So that's why when I refer to our growth rates, I always refer to the weighted average inflation rate in the countries. And of course, in our 3-year plan, we talked about 16%, 19% CAGRs. But you have to keep in mind that in those days when we gave those numbers, the weighted average inflation was almost 14% in the markets that we were operating at.

尼古拉斯，非常感謝您提出這個問題並給我澄清的機會。當地貨幣成長率顯然是通貨膨脹的函數，對嗎？所以這就是為什麼當我提到我們的成長率時，我總是參考各國的加權平均通貨膨脹率。當然，在我們的三年計畫中，我們談到了 16%、19% 的複合年增長率。但你必須記住，在我們給出這些數字的時候，我們營運的市場的加權平均通膨率幾乎是 14%。

And I have said in that day as well, this growth rate implies actually a mid-single digit dollar growth in hard currency over the time. And double digit EBITDA growth in the same period. So, I'm not, worried about, not meeting those targets. I think we will always be delivering above inflation and above nominal GDP growth. And that will bring us where we need to be in terms of our hard currency numbers.

我那天也說過，這個成長率其實意味著美元硬通貨在一段時間內將實現中等個位數的成長。同期 EBITDA 也實現了兩位數成長。所以，我並不擔心無法實現這些目標。我認為我們的業績將始終高於通貨膨脹率，也高於名目 GDP 成長率。這將使我們的硬通貨數量達到我們需要的水平。

Perfect. That makes more sense. Thanks, guys.

完美的。這更有意義。謝謝大家。

Chris, New Street Research.

克里斯，新街研究公司。

Yeah, hi guys. Thanks for the opportunity. I had a couple of questions if possible. I wanted to get a bit more detail on the strategic rationale behind the acquisition of the ride-hailing business in Ukraine. And I suppose also just thinking, is that going to be a feature going forward that you're going to be making acquisitions in the digital space?

是的，大家好。感謝有這個機會。如果可能的話我有幾個問題。我想更詳細地了解收購烏克蘭叫車業務背後的策略理由。我想你也在想，這是否會成為你們未來在數位領域進行收購的特色？

And then the second question would be around Ukraine and sort of what is baked into your assumptions when you're giving the guidance for the political situation in Ukraine. And I suppose what would be the flex if it changes relative to your central case?

第二個問題是關於烏克蘭的，當您對烏克蘭的政治局勢做出預測時，您的假設是什麼？我想如果它相對於您的核心案例發生變化，那麼結果會是什麼？

Chris, thank you very much. Please drive safely. Uklon, it's a very important, acquisition that I think signals our intentions in terms of being relatively important in the lives of our customers. Uklon is one of the unique EBITDA positive cash-generative ride-hailing businesses in the entire world. We are looking for a company which has been growing on average 49% CAGR over the last four years, reaching almost $60 million revenues. And with a positive EBITDA of 44%. If I look to the entire world, I do not know any other ride-hailing business which can hit these numbers. But more importantly, in frontier markets we see an unmet demand in many areas with our customer base. Therefore, as we move into the digital services, we believe ride-hailing and delivery services, including marketplaces are a natural part of our super app feature set. So you will see us getting active on all countries and also you will see us actually getting Uklon to be replicated in other countries that we operate as well.

克里斯，非常感謝。請安全駕駛。Uklon 是一次非常重要的收購，我認為這顯示了我們在客戶生活中扮演重要角色的意圖。Uklon 是全球獨一無二的 EBITDA 為正、能夠產生現金流的叫車公司之一。我們正在尋找一家過去四年平均複合年增長率為 49%、收入達到近 6000 萬美元的公司。EBITDA 為正 44%。放眼全球，我不知道還有哪家叫車公司能達到這樣的數字。但更重要的是，在前沿市場，我們發現我們的客戶群在許多領域中存在著未被滿足的需求。因此，隨著我們進入數位服務領域，我們相信包括市場在內的叫車和送貨服務是我們超級應用功能集的自然組成部分。因此，您會看到我們在所有國家都積極開展業務，並且您還會看到我們實際上將 Uklon 複製到我們開展業務的其他國家。

Coming to Ukraine, we have been in this war situation for three years. I believe that there is light at the end of the tunnel that will bring sustainable peace to Ukraine. Whether this peace process will be six months or a year, actually, our plans does not change. We focus on what matters and it is our customers. And during these three years, I think we have demonstrated how resilient we are and how capable we are in terms of growing our business in the worst even conditions. So we are planning for actually, for better days. But we are ready to take the worst as well.

說到烏克蘭，我們已經處於戰爭狀態三年了。我相信隧道盡頭的光明將為烏克蘭帶來持久的和平。無論這個和平進程需要六個月還是一年，實際上我們的計劃不會改變。我們專注於重要的事情，那就是我們的客戶。在這三年裡，我認為我們已經證明了我們的韌性，以及我們在最糟糕的條件下發展業務的能力。所以我們其實是在為更好的日子做打算。但我們也做好了承受最壞後果的準備。

Okay. Thank you.

好的。謝謝。

Thank you, Chris.

謝謝你，克里斯。

Dmitry Ivanov, Jefferies.

傑富瑞的德米特里·伊凡諾夫。

Dmitry, you're on mute. I think we can't hear you.

德米特里，你靜音了。我想我們聽不到你說話。

Can you hear me now? Oh yes, we can hear you now.

現在你能聽到我說話嗎？哦，是的，我們現在可以聽到你的聲音了。

Yeah, apologies for the technical glitch. Yeah, thank you for the presentation and congrats on the results.

是的，對於技術故障我們深感抱歉。是的，感謝您的演講，並對所取得的成果表示祝賀。

I have two quick questions, if I may. The first one would be on, expected use of prices from [Egoli] deal. So it's $500 million.

如果可以的話，我有兩個簡單的問題。第一個是關於[Egoli]交易的預期價格使用。所以是5億美元。

Consideration, how do you plan to use this proceeds like how much is expected to up into the whole level and what's like kind of expectation when it comes to deployment of this cash?

考慮一下，您計劃如何使用這些收益，例如預計會達到多少整體水平，以及在部署這些現金時的預期是什麼樣的？

And the second question would be on your capital market access Eurobonds. So basically, after you repay 2025 bonds.

第二個問題是關於資本市場准入歐洲債券。所以基本上，在你償還 2025 年債券之後。

I'm just curious how do you see and what's your timeline to come back to the Eurobond market, to reissue, with a new bond? And how do you see like, your needs in this new Eurobonds, in the coming like month or quarters. That's, my second question.

我只是好奇，您如何看待重返歐洲債券市場並重新發行新債券的時間表？您如何看待未來一個月或幾季對新歐洲債券的需求？這是我的第二個問題。

Thank you very much.

非常感謝。

Dmitry, thank you very much. I will take the first question and I will ask Burak to answer the second one.

德米特里，非常感謝。我將回答第一個問題，然後請布拉克回答第二個問題。

With regard to, our tower deal, in Pakistan, the total proceeds from the tower deal will be on the upside of $550 million and it will be a combination of cash payments and also some guarantees over an inter-company loan that we have with the tower company. We expect this proceeds to be used for deleveraging both at local level and also at corporate level. We have no issues in terms of upstreaming cash from Pakistan and the stability of the macroeconomic environment in Pakistan has been stellar over the last 24 months. And I think, this partnership. Will, with ANR will have a potential to also to expand out of Pakistan and we are very happy to partner with one of the most reputable and strong companies in Pakistan.

關於我們在巴基斯坦的塔式交易，該交易的總收益將達到 5.5 億美元，它將是現金支付以及我們與塔式公司之間的公司間貸款的一些擔保的組合。我們預計這筆收益將用於地方和企業層面的去槓桿。我們在從巴基斯坦獲取現金方面沒有任何問題，而且巴基斯坦的宏觀經濟環境在過去 24 個月中一直非常穩定。我認為，這是合作關係。Will 和 ANR 有潛力拓展到巴基斯坦以外的地區，我們非常高興能與巴基斯坦最有信譽和實力最雄厚的公司之一合作。

On the eurobond question, we are now ready with the cash flow that we have built in the HQ to pay our April and June obligations this year. Going forward, we need to understand that we are going to capitalize from our assets and kind of put them into our war chest in the center. Then eventually, if there is a need, we will definitely go back to Eurobond markets, but not as of today. I mean, there is no consideration that we see today that has the need to for us to go to euro bond markets again in the near term.

關於歐洲債券問題，我們現在已經準備好利用總部建立的現金流來支付今年 4 月和 6 月的債務。展望未來，我們需要明白，我們將利用我們的資產，並將其投入到我們中心的資金中。最終，如果有需要，我們肯定會回到歐洲債券市場，但不是現在。我的意思是，我們今天看到的考慮表明我們不需要短期內再次進入歐元債券市場。

And Dmitri, one maybe thing I would like to add here, we are in frontier markets. We make our money in Takas, tenges, INR, RNAs.

德米特里，我想補充一點，我們處於前沿市場。我們用塔卡、堅戈、印度盧比、尼泊爾盧比賺錢。

I do not necessarily see that it is a good practice. To borrow in hard currency in these type of environments. And in the path of asset to light, there is ample opportunity for us actually to recycle our hard currency debt at headquarters with local currency leverage, long-term capital liabilities in the local markets. And you will see us making those transformational changes just like we have done over the last three years.

我並不認為這是一種好的做法。在這種環境下借入硬通貨。在資產輕量化的道路上，我們實際上有充足的機會利用當地貨幣槓桿、當地市場的長期資本負債來回收總部的硬通貨債務。您將會看到我們正在進行這些變革，就像我們過去三年所做的一樣。

Thank you very much and congrats on the results again.

非常感謝，並再次恭喜所取得的成果。

Thank you.

謝謝。

Matthew Harrigan, Benchmark.

馬修·哈里根，基準。

Question. Thank you. I actually have two. I'll do them sequentially because I think it's easier. You're to be commended on the progress on the digital portfolio now with Uklon and then CA code LLM, I think is particularly interesting is I think a lot of management teams would just be distracted watching Trump and Zelensky and Putin. Every day, but how is it that you really optimally monetize what's a pretty remarkable portfolio at this point? I mean, clearly those businesses are integral to your competitive positions in Pakistan, Ukraine, etc.

問題。謝謝。我實際上有兩個。我會按順序進行，因為我認為這樣比較容易。您現在在 Uklon 和 CA 代碼 LLM 的數位投資組合方面取得了進展，值得稱讚，我認為特別有趣的是，我認為很多管理團隊只會分心觀看川普、澤連斯基和普丁。每天如此，但是現在你如何才能真正最佳地將如此出色的投資組合貨幣化？我的意思是，這些業務顯然對您在巴基斯坦、烏克蘭等國的競爭地位至關重要。

But I mean there are companies, Liberty Global, for instance, that occasionally divests what it regards as not strategic from their venture portfolio and clearly these businesses have a lot of growth potentially they're probably nowhere near. Doing that. And I know you're not going to do something exotic like a tracking stock. But and hopefully, when the Jazz IPO comes, I think you have 25% of your revenues there from digitalS that will get more of a quasi digital type valuation. But where's your thinking on that? Because clearly, you've got a tremendous glide path on the growth in these businesses in the market, even with your very good stock performance recently isn't close to giving you recognition compared to the peer evaluations of some of these businesses. And I guess you're very fortunate to be able to buy Uklon, I think for $125 million it was, it feels like you can do a lot of creative acquisitions as well.

但我的意思是，有些公司，例如 Liberty Global，偶爾會從其風險投資組合中剝離它認為不具策略性的資產，顯然這些業務具有很大的成長潛力，而他們可能還遠遠達不到。做那件事。我知道你不會做一些像追蹤股票這樣奇特的事情。但是，我希望，當 Jazz 首次公開發行 (IPO) 時，您有 25% 的收入來自 digitalS，這將獲得更多準數字類型的估值。但您對此有何看法？因為很明顯，這些企業在市場上的成長有著巨大的下滑趨勢，即使你最近的股票表現非常好，但與同業對這些企業的一些評價相比，你還遠遠沒有獲得認可。我想你很幸運能夠收購 Uklon，我想當時的價格是 1.25 億美元，感覺你也可以進行很多創意的收購。

Thank you. I apologize for a long question.

謝謝。很抱歉問題這麼長。

No, Matthew, thank you very much. $155, by the way, for 97% of it. But, we are blessed because, as a company, we are in frontier markets, large population countries. Where actually the people are underserved on all of the verticals that we discussed about. Including enterprises being underserved on, IT services, cloud, but consumers as well. And they don't have access to actually transaction capabilities. They don't have credit cards, they don't have ability to pay offshore subscription fees.

不，馬修，非常感謝你。順便說一下，其中 97% 的費用為 155 美元。但是，我們很幸運，因為作為一家公司，我們處於前沿市場和人口眾多的國家。事實上，在我們討論的所有垂直領域，人們都沒有得到充分的服務。包括缺乏 IT 服務、雲端運算服務的企業，以及消費者。他們無法獲得實際的交易能力。他們沒有信用卡，也沒有能力支付海外訂閱費用。

So these are unique opportunities for us. And actually, we as a company with a telecom license has the unique capability to acquire customers at a very low cost and distribute services in a very efficient manner. When you move to this space, large populations, underserved customers, unmet demand, low customer acquisition cost, and efficient distribution, this is a recipe for success for any kind of digital service. That's why every digital service we launch is showing great success in the markets that we operate. As we do this, some of our businesses are clearly signaling unicorn type of characteristics. One of them is clearly JazzCash, which has now reached 20 million monthly active users. And almost $400 million float, and 140,000 loans, none loans every single day, and it is not a mistake that I'm doing. While saying this, every single day, we issue $140,000 loans, $30 to $40 loans.

所以這對我們來說是獨特的機會。實際上，作為一家擁有電信牌照的公司，我們具有以極低的成本獲取客戶並以非常高效的方式分發服務的獨特能力。當你進入這個領域時，龐大的人口、服務不足的客戶、未滿足的需求、較低的客戶獲取成本和高效的分銷，這些都是任何數位服務成功的秘訣。這就是為什麼我們推出的每項數位服務都在我們經營的市場中取得巨大成功。當我們這樣做的時候，我們的一些業務明顯地顯示出獨角獸類型的特徵。其中之一顯然是 JazzCash，目前每月活躍用戶已達 2,000 萬。幾乎有 4 億美元的浮動資金和 14 萬筆貸款，但每天都沒有貸款，這不是我的錯。話雖這麼說，但我們每天都會發放 14 萬美元的貸款，30 到 40 美元的貸款。

The loans that are used by maybe a taxi driver to fill its his tank or change his flat tire or a housewife to buy flour, sugar, and eggs to cook a cookie and sell. It's an amazing platform and clearly, at a certain point, we see actually these businesses to be stand-alone success stories themselves. I think that time is coming as we look into the further listing of our local operators, which are blue chip stocks in the countries that they operate in. Please do not be surprised if we bring certain assets with big customer bases and revenue potential also in strategic value crystallization transactions.

這些貸款可能是計程車司機用來加油或更換輪胎，或是家庭主婦用來購買麵粉、糖和雞蛋來烤餅乾賣。這是一個令人驚嘆的平台，顯然，在某種程度上，我們實際上看到這些企業本身就是獨立的成功案例。我認為，隨著我們進一步研究本地業者的上市，這個時機即將到來，這些業者都是其營運所在國家的藍籌股。如果我們在策略價值結晶交易中也帶來某些擁有龐大客戶群和收入潛力的資產，請不要感到驚訝。

And then secondly. And there's -- as you pointed out just earlier, I mean, you're very careful and not having currency mismatches operationally and particularly in the financing side with hard currencies. But needless to say, with the trade policies right now and tariffs, I mean a lot of companies in the US and Europe are very concerned about the economic situation.

其次。正如您剛才指出的那樣，您非常小心，在營運中不會出現貨幣錯配，特別是在使用硬通貨的融資方面。但不用說，鑑於目前的貿易政策和關稅，美國和歐洲的許多公司都非常擔心經濟狀況。

And clearly, you're providing necessary services and again. I mean, you're -- and sometimes you're the only alternatives as with JazzCash. But how do you see your growth depending on economic conditions, if there is a recession, I mean, do you think you might be significantly harder hit than US or European companies or do you think there's enough growth in these markets that you can actually weather it decently well?

顯然，您正在再次提供必要的服務。我的意思是，你——有時你是唯一的選擇，就像 JazzCash 一樣。但是，您如何看待自己的成長取決於經濟狀況，如果出現經濟衰退，我的意思是，您是否認為您可能會比美國或歐洲公司受到更嚴重的打擊，或者您是否認為這些市場有足夠的成長，您實際上可以很好地度過難關？

Well, I think there is one fact in our business that you cannot beat macro, right? And we have to be realistic about that. But given the current conditions, I believe that as US sets out a roadmap for being a manufacturing base and being an exporting country. I think this will signal a balancing of the current account deficit and this potentially signals more stability with a weaker dollar and a stable foreign currency market for emerging markets. I count on actually this trend to realize over the time.

嗯，我認為在我們的業務中有一個事實，那就是你無法擊敗宏觀，對嗎？我們必須現實地看待這個問題。但就目前的情況來看，我認為美國已經制定了成為製造業基地和出口國的路線圖。我認為這標誌著經常帳赤字的平衡，這可能意味著美元走弱和新興市場外匯市場更加穩定。我實際上希望這種趨勢能夠隨著時間的推移而實現。

Now, that doesn't mean that a weak US dollar is going to loosen the position or weaken the position of dollar as a reserve currency. I think these two things can happen at the same time. But I do believe over the next five years we're going to see a relatively stable foreign currency environment in our markets compared to the past. And also, I believe the oil prices will moderate and that will also help the inflation levels to go lower than they are today. So, I believe, our business is mainly driven by domestic growth and consumer confidence. And I'm feel quite actually bullish about that trend to continue as well. So, compared to the last five years, I think the next five years probably will show more stability in our markets in terms of foreign currency fluctuations.

現在，這並不意味著美元疲軟將會削弱或削弱美元作為儲備貨幣的地位。我認為這兩件事可以同時發生。但我相信，未來五年，與過去相比，我們的市場將出現相對穩定的外匯環境。而且我相信油價將會緩和，這也有助於通膨水準低於現在的水準。因此，我相信我們的業務主要受到國內成長和消費者信心的推動。而且我其實也非常看好這種趨勢的持續。因此，與過去五年相比，我認為未來五年我們的市場在外匯波動方面可能會更加穩定。

And then lastly, if you don't mind, I'll be a hug and ask one more question. I mean, clearly, everyone wants to see a resolution in Ukraine. But if we did get the fringe outcome that was less favorable, do you feel that your status as a Dubai company, somewhat enables you to be agile and addressing whatever, political situation comes along. I mean, if there was to be a change of government in Kyivstar and more.

最後，如果您不介意的話，我會給您一個擁抱並再問一個問題。我的意思是，顯然每個人都希望看到烏克蘭問題得到解決。但是，如果我們確實得到了不太有利的邊緣結果，您是否認為作為一家迪拜公司，您的地位在某種程度上使您能夠靈活地應對出現的任何政治局勢。我的意思是，如果基輔政府發生更迭等等。

For more forced neutrality if you will, do you think you can get through almost any condition that arises and winding down the conflict?

如果您願意的話，為了更加強制中立，您是否認為您可以克服幾乎任何出現的情況並結束衝突？

Look, I have a lot of experience with Russia and all that.

你看，我對俄羅斯和所有那些事物都有豐富的經驗。

I wish the best, the sustainable peace for Ukraine. We have been in a difficult period in the last three years. We have demonstrated our resilience. And the secret source of this, Matthew, is to focus on what matters. It's our customers. And we will keep our service continuity in place. We will continue servicing our customers in the best way. And I will refrain from speculating on what can happen over the next couple of months. Thank you.

我祝福烏克蘭一切順利，持久和平。過去三年我們處於困難時期。我們已經展現了我們的韌性。馬修，這個秘訣就是專注於重要的事情。這是我們的客戶。我們將保持服務的連續性。我們將繼續以最好的方式為客戶提供服務。我不會去猜測未來幾個月會發生什麼事。謝謝。

Yeah, it's an awkward question. Thank you for your answers and congratulations on the results. Thank you very much.

是的，這是一個尷尬的問題。感謝您的回答，並祝賀您所取得的成果。非常感謝。

Thank you. At the moment we have no more raised hands. So I will hand it back over to Anand for closing remarks.

謝謝。目前，沒有人舉手。因此我將把發言權交還給阿南德，請他做最後發言。

Well, thank you very much for your continued support and trust in VEON. I do see some more type questions out there. And we will, the investor relations team will get back to you. Needless to say, any questions any time to feel free to get in touch with us. As Kaan pointed out, we are focused on continuing to deliver to a strategy and look forward to seeing you all again in a quarter's time, if not before that, to update you of the progress we'll continue to make.

嗯，非常感謝您對 VEON 的持續支持和信任。我確實看到了一些其他類型的問題。我們會的，投資人關係團隊會回覆您。不用說，如有任何問題，請隨時與我們聯繫。正如卡恩所指出的那樣，我們專注於繼續實施策略，並期待在一個季度內（如果不是更早的話）再次見到大家，向大家通報我們將繼續取得的進展。

Thank you again for taking the time. Thank you for your support. Bye-bye.

再次感謝您抽出時間。感謝您的支持。再見。

Thank you very much.

非常感謝。