VEON Ltd (VEON) 2025 Q2 法說會逐字稿

Hello, and welcome to VEON's 2Q '25 Results Presentation. (Operator Instructions) As a reminder, this conference is being recorded today. If you have any objection, please disconnect at this time.

您好，歡迎參加 VEON 2025 年第二季業績報告。（操作員指示）提醒一下，今天正在錄製本次會議。如果您有任何異議，請立即斷開連接。

Anand Ramachandran, you may begin.

阿南德·拉馬錢德蘭，你可以開始了。

Good morning, and good afternoon to everyone. Thank you for joining us today for VEON's second quarter results for the period ending June 30, 2025. My name is Anand Ramachandran, Chief Corporate Development Officer and also heading our Group Investor Relations function. Allow me to introduce our senior management in the room today. Next to me is Mr. Kaan Terzioglu, our Group CEO; and next to him, Mr. Burak Ozer, our Group CFO.

大家早安，下午好。感謝您今天參加 VEON 截至 2025 年 6 月 30 日的第二季業績發表會。我叫 Anand Ramachandran，是首席企業發展官，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。我旁邊的是我們的集團執行長 Kaan Terzioglu 先生；他旁邊是我們的集團財務長 Burak Ozer 先生。

Today's presentation, as usual, will begin with the key highlights and business update from Kaan, followed by a discussion of the financial results by Burak. We will then open up the line for question and answers. Please note that we may make forward-looking statements during today's presentation, which involve certain risks and uncertainties.

和往常一樣，今天的演講將以 Kaan 的重點介紹和業務更新開始，然後由 Burak 討論財務結果。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, 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, which are detailed in the company's annual report on 20-F and other 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。由於存在風險，實際結果可能存在重大差異，這些風險在公司的 20-F 年度報告和向美國證券交易委員會提交的其他公開文件中有詳細說明。

The earnings release and presentation, including reconciliations of non-IFRS measures can also be downloaded from our website.

您也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。

With that, let me hand it over to Kaan.

說完這些，讓我把它交給 Kaan。

Thank you, Anand. Good morning, good afternoon, and welcome. I appreciate you joining us today for VEON's presentation of our second quarter 2025 results. We listen to you, and I'll keep my presentation brief and to the point, so we have more time for your questions and a richer discussion. We have continued our strong start to the year into the second quarter.

謝謝你，阿南德。早安，下午好，歡迎。感謝您今天參加 VEON 的 2025 年第二季業績發表會。我們傾聽您的意見，我的演講將簡短扼要，以便我們有更多的時間回答您的問題並進行更豐富的討論。我們在第二季度延續了今年開局強勁的勢頭。

And I am pleased that we have delivered a strong quarter again financially, operationally and with regard to progress on strategic objectives. Let's start with the financial performance. Our revenues are up 5.9% year-on-year in US dollars. EBITDA in US dollar terms grew by 13.2% year-on-year. For the first half, our US dollar revenues grew by 7.3% year-on-year, and our US dollar EBITDA grew 13.4% year-on-year.

我很高興我們在財務、營運和策略目標進展方面再次取得了強勁的季度業績。讓我們從財務表現開始。我們的營收以美元計算年增5.9%。以美元計算的EBITDA年增13.2%。上半年，我們的美元營收年增7.3%，美元EBITDA年增13.4%。

In local currency terms, our revenues grew 11.2% in Q2, outpacing both inflation and nominal GDP across our markets. EBITDA in local currency grew 19.6%, reflecting our focus on profitable growth. This was yet another $1 billion-plus revenue quarter. Our strong EBITDA performance reflects the strength and the scale of our operating model.

以當地貨幣計算，我們第二季的營收成長了 11.2%，超過了我們各個市場的通貨膨脹率和名目 GDP。以當地貨幣計算的 EBITDA 成長了 19.6%，反映出我們對獲利成長的關注。這又是一個收入超過 10 億美元的季度。我們強勁的 EBITDA 業績反映了我們營運模式的實力和規模。

Looking ahead, we are pleased with the growth momentum across our businesses and are revising our outlook for 2025. We now expect local currency growth for total revenue between 13% to 15% year-on-year and EBITDA growth between 14% to 16%. Second, we are driving exceptional momentum in expanding our digital services portfolio.

展望未來，我們對各項業務的成長動能感到滿意，並正在修改 2025 年的展望。我們現在預計總收入的當地貨幣成長率將達到 13% 至 15%，EBITDA 成長率將達到 14% 至 16%。其次，我們正在大力拓展我們的數位服務組合。

Direct digital revenues grew by 57% year-on-year in dollar terms and now contributes 16.5% of our total group revenues. Uklon was consolidated effective April 2025. This is a key milestone in our digital expansion strategy and unlocks new growth opportunities for us. We are also accelerating the integration of agentic AI-powered features across our platforms and delivering localized and intuitive user experiences to our customers in their own languages at scale.

直接數位收入以美元計算年增 57%，目前占我們集團總收入的 16.5%。Uklon 於 2025 年 4 月開始合併。這是我們數位擴張策略的一個重要里程碑，為我們開啟了新的成長機會。我們還在加速在我們的平台上整合由代理人工智慧驅動的功能，並大規模地以客戶自己的語言向他們提供本地化和直觀的用戶體驗。

Thirdly, we made substantial progress in executing our asset-light strategy. We have closed the strategic infrastructure pooling partnership with Engro in Pakistan. This unlocks significant value for us. In Ukraine, Kyivstar continues to make progress on launching direct-to-cell satellite communications in partnership with Starlink. We expect to launch services in the fourth quarter this year.

三是輕資產策略實施取得實質進展。我們已經與巴基斯坦的Engro建立了戰略基礎設施共享合作夥伴關係。這為我們帶來了巨大的價值。在烏克蘭，Kyivstar 與 Starlink 合作，繼續在直接到蜂窩衛星通訊方面取得進展。我們預計將於今年第四季推出該服務。

And last but not least, we continue to deliver for our shareholders. We completed the third and final phase of our $100 million share buyback program that we have announced in August last year. We have bought back close to 3% of our shares in less than a year since we announced the buyback program. We repaid both our April and June 2025 bond maturities and enhanced our financial flexibility with a $200 million private bond issuance.

最後但同樣重要的一點是，我們將繼續為股東提供服務。我們完成了去年 8 月宣布的 1 億美元股票回購計畫的第三階段也是最後一階段。自從我們宣布回購計畫以來，不到一年的時間，我們已經回購了近3％的股票。我們償還了 2025 年 4 月和 6 月到期的債券，並透過發行 2 億美元的私人債券增強了我們的財務靈活性。

We are making good progress with Kyivstar's proposed NASDAQ listing through our business combination with Cohen Circle Acquisition Corp. We have secured the necessary investment commitments to secure this transaction. Cohen Circle has scheduled an extraordinary general meeting for August 12 to obtain shareholder approval. Subject to that approval, we expect to close the transaction and launch Kyivstar's public market debut.

透過與 Cohen Circle Acquisition Corp. 的業務合併，我們在 Kyivstar 擬議的納斯達克上市方面取得了良好進展。我們已獲得必要的投資承諾以確保此交易。Cohen Circle 已計劃於 8 月 12 日召開特別股東大會以獲得股東批准。在獲得批准後，我們預計將完成交易並啟動 Kyivstar 的公開市場首秀。

Finally, we deliver on our digital operator strategy, focusing on an asset-light model, prioritizing large population, underserved markets, accelerating and expanding our digital services. We are executing a series of transactions aligned with our strategy. The one-off impacts from these transactions, completion of the ride-hailing business acquisition, Uklon, Deodar tower sales in Pakistan, as well as last year's fiber infrastructure company, TNS+ sale in Kazakhstan, are clear examples of these strategic choices and should be seen as plan progress.

最後，我們實施數位營運商策略，專注於輕資產模式，優先考慮人口眾多、服務不足的市場，加速和擴展我們的數位服務。我們正在執行一系列符合我們策略的交易。這些交易的一次性影響、完成叫車業務收購、Uklon、巴基斯坦Deodar塔的出售，以及去年哈薩克光纖基礎設施公司TNS+的出售，都是這些策略選擇的明顯例子，應該被視為計劃的進展。

Looking ahead, similar transactions may result in either gains or noncash accounting charges. The upcoming Kyivstar listing in NASDAQ through a business combination agreement with Cohen Circle and the sale of our Kyrgyzstan operations also will fall into this category. These transactions are expected to result in a noncash charge in the range of $150 million to $200 million likely to be recognized in the third quarter.

展望未來，類似的交易可能會產生收益或非現金會計費用。Kyivstar 即將透過與 Cohen Circle 達成的業務合併協議在納斯達克上市，而我們吉爾吉斯斯坦業務的出售也將屬於這一類別。預計這些交易將產生 1.5 億至 2 億美元的非現金費用，並可能在第三季確認。

The net impact of these transactions will be positive for our equity. These accounting effects, however, have little bearing on the fundamentals and momentum of our core operations. While we will continue to provide commentary on like-for-like trends, we should embrace the new nature of our business as we transform into a consumer and enterprise services company with a telecom license.

這些交易的淨影響將對我們的股權產生正面影響。然而，這些會計效應對我們核心業務的基本面和發展動能影響不大。雖然我們將繼續對同類趨勢發表評論，但隨著我們轉型為擁有電信許可證的消費者和企業服務公司，我們應該接受我們業務的新性質。

I have already highlighted most of the numbers on this page. I will make three additional points. First, on a like-for-like basis, which adjusts for the deconsolidation of TNS+ and Uklon acquisition, our US dollar revenues would have grown 6.3% and our US dollar EBITDA would have grown 14.6%. Second, we saw a slight uptick in weighted average inflation across our markets, up to 8.7% in second quarter.

我已經在此頁面上突出顯示了大部分數字。我再補充三點。首先，以同類基礎計算，經調整 TNS+ 和 Uklon 收購的拆分後，我們的美元營收將成長 6.3%，美元 EBITDA 將成長 14.6%。其次，我們看到各市場加權平均通膨率略有上升，第二季達到 8.7%。

This comes after three quarters in the range of 7.6% and 8.2%. But I'm pleased that our momentum continues to exceed inflation and the nominal GDP growth and showcases our ability to implement fair value pricing, while capturing a greater share of consumer wallet. Third, given the pace of change across our business, underlying adjustments have become frequent and short-lived and are adding less and less value to our clear performance narrative.

前三個季度，這一數字分別為 7.6% 和 8.2%。但我很高興我們的成長動能持續超過通膨和名目GDP成長，並展示了我們實施公允價值定價的能力，同時佔據了消費者錢包的更大份額。第三，鑑於我們業務變化的速度，潛在的調整變得頻繁且短暫，並且對我們清晰的業績敘述的價值越來越小。

Going forward, we will focus on headline numbers to provide you with more consistent and transparent view of our trajectory. This slide summarizes our performance for the quarter. I'm pleased that our strong revenue momentum continues, driven by both telecom infrastructure and digital segments. Telecom and infrastructure segment revenues on a like-for-like basis that adjusts for TNS+ deconsolidation grew 2% in US dollars and 7.4% in local currency terms versus the headline numbers you see on this page.

展望未來，我們將重點放在整體數字，為您提供更一致、更透明的發展軌跡。這張投影片總結了我們本季的表現。我很高興看到，在電信基礎設施和數位領域的推動下，我們的強勁收入動能得以持續。與您在本頁看到的標題數字相比，電信和基礎設施部門的收入按同類基礎計算，經 TNS+ 拆分調整後，以美元計算增長了 2%，以當地貨幣計算增長了 7.4%。

This reflects the powerful impact of our network investments, coupled with innovative products and services. Our direct digital revenues were up 57% in US dollar terms and 62% in local currency and now represents 16.5% of total revenue. On profitability, I am pleased that EBITDA margins continue to grow and are up both quarter-on-quarter and year-on-year to 47.8% in the second quarter.

這反映了我們的網路投資以及創新產品和服務的強大影響力。我們的直接數位收入以美元計算成長了 57%，以當地貨幣計算增加了 62%，目前佔總收入的 16.5%。在獲利能力方面，我很高興看到 EBITDA 利潤率持續成長，第二季環比和年成長均達到 47.8%。

Our CapEx intensity for the quarter was 21.3%. On a last 12-month basis, it stands at 24.1% and excluding Ukraine, our last 12-month CapEx intensity stands at 18.3%, which is in line with our guidance. Last 12-month equity free cash flow was $611 million, up 33.7% year-on-year. This is driven by both our operational and financial discipline and success of our asset-light strategy.

本季我們的資本支出強度為 21.3%。以過去 12 個月計算，這一比例為 24.1%，不包括烏克蘭，我們過去 12 個月的資本支出強度為 18.3%，這與我們的預期一致。過去 12 個月的股權自由現金流為 6.11 億美元，較去年同期成長 33.7%。這是由我們的營運和財務紀律以及輕資產策略的成功所推動的。

Net debt, excluding leases, stood at $1.96 billion as of June as we completed the Uklon acquisition in April, paid our April and June maturity bonds, and raised $200 million via private bond placement. Finally, we ended the quarter with a cash balance of $1.28 billion, including $206 million at the headquarter. Let me now deep dive into our digital revenue performance.

由於我們在 4 月完成了對 Uklon 的收購，支付了 4 月和 6 月到期的債券，並透過私募債券籌集了 2 億美元，因此截至 6 月的淨債務（不包括租賃）為 19.6 億美元。最後，我們在本季結束時的現金餘額為 12.8 億美元，其中包括總部的 2.06 億美元。現在讓我深入了解我們的數位收入表現。

We have started to break the components of our digital revenues to provide you with greater transparency into growth and potential of our digital businesses. Our digital direct revenues reached $180 million in the second quarter, growing 56.6% year-on-year in US dollars and 62.4% in local currency. These now represent 16.5% of total revenue, up from 11.2% a year ago, 14.3% a quarter ago.

我們已經開始細分數位收入的組成部分，以便讓您更透明地了解我們數位業務的成長和潛力。我們第二季的數位直接收入達到 1.8 億美元，以美元計算年增 56.6%，以當地貨幣計算年增 62.4%。這些收入目前佔總收入的 16.5%，高於一年前的 11.2% 和第一季前的 14.3%。

I will call out 2 points here. Financial services are the largest component, accounting for 57% of our total digital revenue, growing strongly. We are pleased that the growth is broad-based with solid contributions growth across our entertainment, super apps, premium digital brands, ride-hailing and enterprise services. Effective April this year, we also welcomed Uklon to the VEON family.

我在這裡要指出兩點。金融服務是最大的組成部分，占我們數位總收入的57%，成長強勁。我們很高興看到，我們的娛樂、超級應用、高端數位品牌、叫車和企業服務均實現了廣泛成長，貢獻穩健成長。自今年 4 月起，我們也歡迎 Uklon 加入 VEON 大家庭。

Uklon contributed $21.7 million in revenue and $9.3 million in EBITDA for the quarter. This marks a strategic milestone for us, reflecting our commitment to expanding our digital services footprint and unlocking new growth opportunities. In this page, we are outlining our continued progress on Multiplay game, which accounts customers that use at least one digital service in addition to voice and data services we provide.

Uklon 本季貢獻了 2,170 萬美元的營收和 930 萬美元的 EBITDA。這對我們來說是一個策略里程碑，反映了我們致力於擴大數位服務範圍和釋放新的成長機會的承諾。在此頁面中，我們概述了我們在 Multiplay 遊戲方面的持續進展，該遊戲除了提供語音和數據服務外，還為使用至少一種數位服務的客戶提供服務。

Multiplay is a key feature of our digital operator growth strategy. 4G enables Multiplay, and hence, increasing 4G adoption is a key driver. For this quarter, 4G users increased 3.9% year-on-year. 4G penetration across our base is now 68%, up 4.6 percentage points. And it is this 4G base that is increasingly shifting to Multiplay, given our extensive and relevant suite of digital products and services.

多重播放是我們數位營運商成長策略的關鍵特徵。4G 可實現多重播放，因此，提高 4G 的採用率是關鍵驅動因素。本季度，4G用戶年增3.9%。目前，我們的 4G 普及率為 68%，上升了 4.6 個百分點。鑑於我們廣泛且相關的數位產品和服務套件，這個 4G 基礎正在日益轉向多播。

The Multiplay 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 3.7 times the ARPU of voice-only subscribers. We are encouraged that this ratio continues to increase even as Multiplay adoption expands as a proportion of our total overall subscriber base.

多重播放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。我們的 Multiplay 客戶的 ARPU 繼續為純語音用戶帶來 3.7 倍的收益。我們很高興看到，儘管多重播放的採用在我們的整體用戶群中所佔比例不斷擴大，但這一比例仍在繼續增長。

In the second quarter, 54.4% of our total revenues are generated by Multiplay customers, and this number grew 26.8% year-on-year in local currency terms. Let me provide you with an overview of our performance in local currency terms across our markets. We have delivered strong double-digit revenue growth in all our markets, except Bangladesh. While headline revenue growth for Beeline Kazakhstan is single digit, its revenues grew 14.5% like-for-like, accounting for TNS+ deconsolidation.

第二季度，我們總營收的 54.4% 來自 Multiplay 客戶，以當地貨幣計算，這一數字年增 26.8%。讓我向您概述一下我們在各個市場以當地貨幣計算的表現。除孟加拉外，我們在所有市場都實現了強勁的兩位數收入成長。儘管 Beeline Kazakhstan 的整體收入成長率為個位數，但其收入同比增長 14.5%，這解釋了 TNS+ 合併報表的取消。

In Bangladesh, we are encouraged that total revenues grew 5.1% quarter-on-quarter, and this indicates that a gradual recovery in consumer sentiment is underway. Our unique combination of network investments, fair value pricing, differentiated products and services, and strong digital growth are the drivers of this momentum for all our markets.

在孟加拉國，我們感到鼓舞的是，總收入環比增長了 5.1%，這表明消費者信心正在逐步復甦。我們獨特的網路投資、公允價值定價、差異化產品和服務以及強勁的數位成長組合是我們所有市場發展勢頭的驅動力。

Our profitability trends across our markets are strong as well, reflecting on our focus on driving operational and cost efficiencies. Headline numbers for Beeline Kazakhstan and Banglalink are impacted by tax regulatory changes. And adjusting for these, organic trends continue to be strong. Finally, please note that our consolidated financial results for Ukraine include the full consolidation of Ukraine Tower Company, UTC, whereas the stand-alone disclosures for Kyivstar exclude UTC.

我們在各個市場的獲利趨勢也很強勁，這反映出我們對提高營運和成本效率的關注。Beeline Kazakhstan 和 Banglalink 的整體數據受到稅收監管變化的影響。經過這些調整後，有機趨勢持續保持強勁。最後，請注意，我們對烏克蘭的合併財務結果包括烏克蘭塔公司 UTC 的全面合併，而 Kyivstar 的獨立揭露不包括 UTC。

On a stand-alone basis, revenues in Ukraine grew 25.9%, EBITDA grew 23.6%. For the first half, revenues in Ukraine Kyivstar were up 35.8% and EBITDA is up 38.5%. We will take specific questions and discuss market-specific issues in the question-and-answer session later. Let us now take a closer look at the continued momentum of our digital ecosystem.

單獨來看，烏克蘭地區的營收成長了 25.9%，EBITDA 成長了 23.6%。上半年，烏克蘭 Kyivstar 的營收成長了 35.8%，EBITDA 成長了 38.5%。我們將在稍後的問答環節中回答具體問題並討論特定市場的問題。現在讓我們仔細看看我們的數位生態系統的持續發展勢頭。

We are seeing strong broad-based growth across our platforms with total digital monthly active users, which I will refer to as just users here on, reaching 119.7 million for June, a 7% year-on-year increase. This is a strong result despite our entertainment users for June in Pakistan being impacted by typical seasonality in between cricket tournament schedules and underscores the overall healthy engagement levels.

我們看到，我們各個平台都呈現了強勁的全面成長，6 月份的數位月活躍用戶總數（我在這裡簡稱為用戶）達到 1.197 億，較去年同期成長 7%。儘管巴基斯坦 6 月的娛樂用戶受到板球錦標賽賽程之間的典型季節性影響，但這仍然是一個強勁的成績，突顯了整體健康的參與度。

Our digital-only user base is 29.3 million and represents 24.5% of total digital user base. This highlights the growing appeal of our digital products, which are fast becoming go-to solutions for consumers across competitive markets. Transaction value over the last 12-months reached $43.8 billion in our financial services solutions and is up 53% in local currency terms.

我們的數位用戶群為 2,930 萬，佔總數位用戶群的 24.5%。這凸顯了我們的數位產品日益增長的吸引力，它們正迅速成為競爭激烈的市場中消費者的首選解決方案。過去 12 個月，我們的金融服務解決方案的交易金額達到了 438 億美元，以當地貨幣計算增加了 53%。

Let me provide you with more detailed look to our digital portfolio. Our financial services segment has increased by 28% to reach 40.7 million users across all platforms. JazzCash's gross transaction value for the quarter rose by 43% year-on-year. On a last 12-month basis, this represents an impressive 12% of Pakistan's GDP. This was driven by a 37.3% increase in total transactions and a 15% uplift in per transaction value per user.

讓我向您更詳細地介紹我們的數位產品組合。我們的金融服務部門成長了 28%，全平台用戶數達到 4,070 萬人。JazzCash 本季的總交易額年增 43%。以過去 12 個月計算，這一數字高達巴基斯坦 GDP 的 12%。這是由於總交易量增加了 37.3% 以及每位用戶每筆交易價值提升了 15%。

Simply in Kazakhstan and Beepul in Uzbekistan continue to scale their roles as the financial layer of our digital ecosystem in the countries. Our entertainment platforms continue to build on customer engagement, notwithstanding the seasonality that is impacting monthly active users. As an example, Tamasha recorded 17 million users for April '25 on the back of marquee cricket tournaments with the June '25 users, reflecting typical seasonality in between tournament schedules.

哈薩克的 Simply 和烏茲別克的 Beepul 繼續擴大其作為我國數位生態系統金融層的作用。儘管季節性因素會影響每月活躍用戶數量，但我們的娛樂平台仍持續加強客戶參與度。例如，Tamasha 在 2025 年 4 月的用戶數量達到 1700 萬，這得益於 2025 年 6 月的大型板球錦標賽，反映了錦標賽賽程之間的典型季節性。

These platforms are actively leveraging local content creation to capitalize on the rising demand for locally relevant content. This also sets up compelling opportunities for advertisers to engage with our young, digitally savvy audiences. Our super apps have now scaled to 45 million users, reinforcing their role as primary digital entry points.

這些平台正在積極利用本地內容創作來滿足對本地相關內容日益增長的需求。這也為廣告主創造了與我們年輕、精通數位科技的受眾互動的絕佳機會。我們的超級應用程式現已擴展到 4500 萬用戶，鞏固了其作為主要數位入口點的作用。

Positioned as a one-stop digital hub, these platforms are seamlessly integrating essential services from health care to entertainment and driving deeper engagement across our ecosystem. Uklon's ride-hailing service now operates in Ukraine and Uzbekistan and reached 3.5 million users, reinforcing our presence in high-frequency everyday digital life.

這些平台定位為一站式數位中心，無縫整合從醫療保健到娛樂的基本服務，並推動我們整個生態系統的更深入參與。Uklon 的叫車服務目前在烏克蘭和烏茲別克斯坦運營，用戶數量已達 350 萬，鞏固了我們在高頻日常數位生活中的地位。

Meanwhile, our premium digital brands, spanning lifestyle, digital identity and productivity tools, saw users grow two times year-on-year to 2.3 million as adoption deepened among digitally native customer segments. These platforms are designed to meet evolving customer needs with curated high-value experiences, underscoring their growing role in driving engagement, monetization and digital leadership.

同時，隨著數位原生客戶群的採用不斷加深，我們的高端數位品牌（涵蓋生活風格、數位身分和生產力工具）的用戶數量年增兩倍，達到 230 萬。這些平台旨在透過精心策劃的高價值體驗來滿足不斷變化的客戶需求，並強調其在推動參與度、貨幣化和數位領導力方面日益增長的作用。

I will now hand over to Burak, and he will take you through the financials in more detail. Burak?

現在我將把時間交給布拉克，他將向大家更詳細地介紹財務狀況。布拉克？

Thank you, Kaan. In second quarter of '25, we delivered solid financial results with total reported revenue reaching $1.09 billion, representing a year-on-year growth of 5.9% in US dollar terms and 11.2% in local currency. As previously noted by Kaan, the quarter included the deconsolidation of TNS+ in Kazakhstan and the Uklon acquisition.

謝謝你，卡恩。2025 年第二季度，我們取得了穩健的財務業績，總報告收入達到 10.9 億美元，以美元計算同比增長 5.9%，以當地貨幣計算同比增長 11.2%。正如 Kaan 先前指出的，本季包括哈薩克 TNS+ 的分割和 Uklon 的收購。

On a like-for-like basis that adjusts for this, our revenues grew 6.3% in US dollar terms, underscoring the continued momentum across our operating markets. Direct digital revenues maintained their strong trajectory, growing 56.6% year-on-year in US dollar terms to reach $180 million. Digital services now account for 16.5% of total revenues, further highlighting their growing relevance in VEON's business model and the successful execution of our digital operator strategy.

經過調整後的年收入以美元計算成長了 6.3%，凸顯了我們整個營運市場的持續成長動能。直接數位營收維持強勁成長勢頭，以美元計算年增 56.6%，達到 1.8 億美元。數位服務目前佔總收入的 16.5%，進一步凸顯了其在 VEON 商業模式和數位營運商策略成功執行中日益增長的相關性。

Turning to profitability. Group EBITDA for second quarter of '25 reached $520 million, reflecting a year-on-year increase of 13.2%, or 19.6% in local currency. EBITDA margin continues to expand quarter-on-quarter and year-on-year and came in at 47.8% for second quarter. This is being supported by operating leverage and disciplined cost control. We note that our digital services now, at 16.5% of group revenue, continue to deliver attractive absolute EBITDA growth.

轉向盈利能力。2025 年第二季集團 EBITDA 達 5.2 億美元，年增 13.2%，以當地貨幣計算成長 19.6%。EBITDA 利潤率持續較上季和年比擴大，第二季達到 47.8%。這是由營運槓桿和嚴格的成本控制所支持的。我們注意到，我們的數位服務目前佔集團收入的 16.5%，繼續帶來可觀的絕對 EBITDA 成長。

While digital margins are structurally lower, their much lower CapEx intensity ensures comparable cash conversion relative to telecom services. As our mix continues to shift in this direction, we are focused on sustaining EBITDA growth at scale, while enhancing group-wide capital efficiency and long-term cash flow generation. Now, shifting our focus to key balance sheet figures.

儘管數字利潤率在結構上較低，但其較低的資本支出強度確保了與電信服務相當的現金轉換率。隨著我們的業務組合繼續朝著這個方向轉變，我們專注於維持規模化的 EBITDA 成長，同時提高整個集團的資本效率和長期現金流產生。現在，我們將焦點轉移到關鍵的資產負債表數字。

We finished June with $1.28 billion in cash, of which $206 million sit at headquarters. The quarter-on-quarter change primarily reflects the successful bond repayments at HQ and the completion of the Uklon acquisition in Ukraine. During the quarter, we up streamed $59 million in net dividends from our operating companies. Gross debt stood at $4.63 billion at quarter-end, as new capitalized lease liabilities were partially offset by bond repayments in April and June.

截至 6 月底，我們的現金餘額為 12.8 億美元，其中 2.06 億美元存放在總部。季度環比變化主要反映了總部成功償還債券以及完成對烏克蘭 Uklon 的收購。本季度，我們從營運公司獲得了 5900 萬美元的淨股息。季度末總債務為 46.3 億美元，因為新的資本化租賃負債被 4 月和 6 月的債券償還部分抵消。

Net debt, excluding leases, was at $1.96 billion, with our net debt-to-EBITDA ratio, excluding leases, at 1.32 times. Finally, as Kaan mentioned earlier, we have enhanced financial flexibility with the completion of $200 million bond issuance due in 2029. The bond issuance was settled on 15th of July.

不包括租賃的淨債務為 19.6 億美元，不包括租賃的淨債務與 EBITDA 比率為 1.32 倍。最後，正如卡恩先前所提到的，我們完成了 2029 年到期的 2 億美元債券發行，增強了財務靈活性。本次債券發行已於7月15日完成。

Let me now hand the call back to Kaan.

現在讓我把電話交還給卡恩。

Thank you, Burak. While the current global environment presents both macroeconomic and geopolitical volatility, we remain confident in the resilience of our business and the strength of our operations. We have delivered a strong first half. Our teams continue to execute with discipline, and the underlying demand across our markets remains robust.

謝謝你，布拉克。儘管當前全球環境呈現宏觀經濟和地緣政治波動，但我們對業務的彈性和營運實力仍然充滿信心。我們上半年表現強勁。我們的團隊持續嚴格執行紀律，我們整個市場的潛在需求依然強勁。

All this gives us confidence in our outlook and positions us well for continued value creation. We are revising our outlook for the full year and now expect revenue growth of 13% to 15% and EBITDA growth of 14% to 16% for the year. Growth in underlying terms, which was the basis of our earlier guidance, is similar. As I highlighted earlier, underlying adjustments have become frequent and short-lived, given the pace of change across our business and are adding less and less value to our clear performance narrative.

所有這些都讓我們對自己的前景充滿信心，並為我們持續創造價值做好了準備。我們正在修改全年預期，目前預計全年營收成長 13% 至 15%，EBITDA 將成長 14% 至 16%。作為我們先前指導基礎的底層成長情況也類似。正如我之前強調的那樣，考慮到我們業務變化的速度，潛在的調整已經變得頻繁且短暫，並且對我們清晰的業績敘述的價值越來越小。

Hence, going forward, we will focus on headline numbers to provide you with a more consistent and transparent view of our trajectory. We continue to expect capital intensity, excluding in Ukraine, in the 17% to 19% range, and these targets are based on a blended weighted average inflation rate of 8.2%. Inflation has inched up in some of our markets, and it is a trend we are watching closely.

因此，展望未來，我們將重點放在整體數字，為您提供更一致、更透明的發展軌跡。我們繼續預計，除烏克蘭外，各國的資本密集度將在 17% 至 19% 之間，這些目標是基於 8.2% 的混合加權平均通膨率。我們的一些市場通貨膨脹率已經上升，我們正在密切關注這一趨勢。

In closing, we are pleased with the momentum we have delivered in the first half, and I'm excited about our prospects. We look forward to continuing to deliver on our strategy and creating sustainable value for our stakeholders. Thank you for your continued support and trust in VEON.

最後，我們對上半年的進展感到滿意，並對我們的前景感到興奮。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。感謝您一直以來對VEON的支持與信任。

We can now open the line for questions and answers.

現在我們可以開通問答專線了。

(Operator Instructions) Nicholas Paton, Edison Group.

（操作員指示）尼古拉斯·帕頓，愛迪生集團。

I've got a couple of questions and they're a little bit technical. The first one, I think you've mentioned in the press release, Engro, the sale of which has now closed. And I think you mentioned that the proceeds of $188 million have already been received by Jazz and there's another $375 million to follow. Can you just take me through technically, how that's going to be fed up to the holding company? That's the first question.

我有幾個問題，有些技術性。第一個，我想您在新聞稿中提到過，Engro，其出售現已結束。我記得您提到過，爵士樂已經收到了 1.88 億美元的收益，接下來還會收到 3.75 億美元的收益。您能否從技術角度向我解釋一下，控股公司將如何處理這個問題？這是第一個問題。

And maybe I'll slip in another one quickly while I'm on. The second one is on the technical effects of the SPAC for the third quarter financials, the listing of Kyivstar. What should we expect in the third quarter numbers around that?

也許我還會趁著上課的時間快速地再說一次。第二個是關於SPAC對第三季財務狀況的技術影響，即Kyivstar的上市。我們對第三季的數據應該有何期待？

Nicholas, thank you very much for your questions. I will ask Burak to answer both of them: first, the Engro question, and the SPAC impacts.

尼古拉斯，非常感謝您的提問。我將請布拉克回答這兩個問題：首先是 Engro 問題，其次是 SPAC 的影響。

Technically, we will -- we are planning to upstream those cash, which we will receive in 20 months in equal installments, with dividends that will enable us to release our reserves and equity. So that's an answer to your question. Technically, we will get those through dividends upstream to HQ. Having said that, if we have the uses for those cash in the country, we will make sure that we do the right allocation for those uses in the country in terms of either debt repayments or potential M&A opportunities.

從技術上講，我們計劃將這些現金以等額分期付款的方式返還，分期付款期限為 20 個月，這樣我們就可以釋放儲備金和股權。這就是你問題的回答。從技術上講，我們將透過向總部上級支付股息來獲得這些資金。話雖如此，如果我們在國內有使用這些現金的用途，我們將確保在償還債務或潛在的併購機會方面對這些用途進行正確的分配。

And on the Kyivstar, can you repeat the question again?

在 Kyivstar 上，您能再重複一次這個問題嗎？

The impact of the SPAC to the financials.

SPAC對財務的影響。

The impact of SPAC is going to be calculated based on the closing price of the stock on the first day of the trading, which is basically the difference between the valuation of the assets in the SPAC, which is the cash balance, which is around $200 million, and the shares that we are going to use to purchase the SPAC. So the closing price will influence the impact of the transaction there.

SPAC 的影響將根據交易第一天的股票收盤價來計算，這基本上是 SPAC 中的資產估值（即現金餘額，約為 2 億美元）與我們將用於購買 SPAC 的股票之間的差額。所以收盤價會影響交易是否有影響。

And Nicholas, we expect in Q3, of course, if the voting in the general assembly of Cohen Circle results in a positive outcome to close this deal, plus the sale of our Kyrgyzstan operations. And as I mentioned, we expect actually these two transactions to result somewhere in between $150 million to $200 million of P&L impact, noncash, and no impact and positive actually impact overall to the equity.

尼古拉斯，我們預計在第三季度，如果科恩集團股東大會的投票結果為積極，這筆交易將會完成，同時我們吉爾吉斯斯坦業務的出售也將完成。正如我所提到的，我們實際上預計這兩筆交易將對損益產生 1.5 億至 2 億美元的非現金影響，沒有影響，但實際上對股權整體產生積極影響。

Adrian Cundy, Emerging & Frontier Capital LLP.

Adrian Cundy，新興與前沿資本有限責任公司。

Adrian, we cannot hear you still.

阿德里安，我們仍然聽不到你說話。

I was just -- can you hear me now?

我只是──你現在聽得到我說話嗎？

Yes, we can now.

是的，我們現在可以。

Okay. Sorry if there's any background noise. I'm in a public location. One of the things I was wondering about was your comments on 4G adoption as an enabler of both data revenue in the telco business, but also as a driver of digital revenues. And in some of your markets, you're seeing -- Pakistan, you're seeing a very, very good rate of 4G take-up.

好的。如果有任何背景噪音，請見諒。我在公共場所。我想知道的一件事是，您對 4G 的應用如何評價，它不僅能促進電信業務的數據收入，還能推動數位收入的成長。在一些市場中，例如巴基斯坦，4G 普及率非常高。

In other markets, more like Ukraine, as you've alluded to, it's remained fairly stable at about mid-60s. So maybe could you elaborate on what your strategies are to drive that sort of 4G adoption up? And secondly, just at a broad level, at the group level, sort of 4G Multiplay and Multiplay users as a percentage of overall data revenue, how -- what is that?

在其他市場，例如烏克蘭，正如您所提到的，它保持相當穩定，約 60 年代中期。那麼，您能否詳細說明一下你們推動 4G 普及的策略是什麼？其次，從廣義上講，在群體層面，4G Multiplay 和 Multiplay 用戶佔整體資料收入的百分比是多少？

Thanks, Adrian, for the questions. First of all, as you know, our markets, frontier markets is really still not the right platform for 5G services. So we have successfully adopted a strategy for 4G for all, not 5G for few. And over the last couple of years, we have built our 4G base up to 68% of our total customer base. Having said that, in markets, especially like Pakistan and Bangladesh, there are still 50 million customers who are only utilizing feature phone services.

謝謝 Adrian 的問題。首先，如你所知，我們的市場、前沿市場實際上仍然不是適合 5G 服務的平台。因此，我們成功地採用了全民使用 4G 而不是少數人使用 5G 的策略。在過去的幾年裡，我們的 4G 用戶群已占到總客戶群的 68%。話雖如此，尤其是在巴基斯坦和孟加拉這樣的市場，仍有 5,000 萬客戶僅使用功能手機服務。

And this actually, on one side, of course, a big opportunity because ultimately, these customers will also migrate into smartphones and consumption of 4G services. And we are well positioned to capture this additional organic driver growth for ourselves. With regard to our 4G and 4G Multiplay customer revenues, as I mentioned, Multiplay customers, who are around 25% of our base, generates 54% of our revenues.

而這實際上，一方面當然是一個巨大的機遇，因為最終這些客戶也將轉向智慧型手機和 4G 服務的消費。我們已做好準備，為自己抓住這額外的有機成長驅動力。關於我們的 4G 和 4G Multiplay 客戶收入，正如我所提到的，Multiplay 客戶約占我們客戶群的 25%，但卻創造了我們 54% 的收入。

If I would add 4G to that, I think we will reach close to 70% of our revenues as our customers for 4G and 4G Multiplay. And our strategic direction to drive this is, first of all, to increase our coverage and quality of 4G services, but also enter into smartphone business, specifically designed for our digital services. And we have already started this in Kazakhstan, where we are providing our customers smartphones preloaded with our applications like IZI, Simply and Janymda, which is our super app for the market.

如果我將 4G 添加到其中，我認為我們將有近 70% 的收入來自 4G 和 4G Multiplay 的客戶。我們的策略方向是，首先，擴大4G服務的覆蓋範圍和質量，同時進軍專為數位服務而設計的智慧型手機業務。我們已經在哈薩克啟動了這項業務，在那裡我們為客戶提供預先安裝了我們的應用程式的智慧型手機，例如 IZI、Simply 和 Janymda，這是我們針對市場推出的超級應用程式。

We see a very high adoption rate of the smartphone-enabled services and close to every single day, selling about 1,500 smartphones to our customers in Kazakhstan. Similar approaches will be also applicable in other markets.

我們看到智慧型手機服務的採用率非常高，幾乎每天都向哈薩克的客戶銷售約 1,500 部智慧型手機。類似的方法也適用於其他市場。

That was basically the question I was going to lead into is, in terms of device adoption, what strategies were you going to deploy to improve the 4G take-up rate. But going back to your press release, you mentioned, in Kazakhstan, I think you were deploying 4.9G or MIMO-based 4G networks. Where else are you doing that? And are you finding that, that movement into 4G MIMO and the improved bandwidth gets you -- without going all the way to 5G, does that give you -- is that also helping you in the customer acquisition by increasing capacity or increasing effectively user experience, improving user experience on throughput, data throughput?

我要問的基本上就是，在設備採用方面，您將採取什麼策略來提高 4G 普及率。但回到你的新聞稿，你提到，在哈薩克斯坦，我認為你們正在部署 4.9G 或基於 MIMO 的 4G 網路。您還在哪裡做這樣的事？您是否發現，向 4G MIMO 的轉變以及頻寬的提高 - 無需一路發展到 5G - 是否也幫助您透過增加容量或有效提高用戶體驗來獲取客戶，改善用戶在吞吐量、數據吞吐量方面的體驗？

Where else are you seeing -- are you planning? And what should we be thinking about CapEx?

您還看到了什麼地方？您還有什麼計劃嗎？那我們該如何考慮資本支出呢？

So Adrian, first of all, we will continue, of course, deploying the three important technologies that enhances the quality of the service we provide in our markets. Massive MIMO is one of them. Virtualization of the core is the second one, which drives the cost significantly down. And the third one is aggregation of carriers. And all these three technologies, when combined and enhanced with 2,300 megahertz, creates a unique service quality, which actually today successfully beats the 5G operators in Kazakhstan.

因此，Adrian，首先，我們當然會繼續部署三項重要技術，以提高我們在市場上提供的服務的品質。大規模MIMO就是其中之一。核心虛擬化是第二個，它顯著降低了成本。第三是營運商聚合。這三種技術結合在一起，並透過 2,300 兆赫得到增強，創造了獨特的服務質量，實際上今天成功擊敗了哈薩克的 5G 運營商。

I'm very happy with the fact that if I look to the Net Promoter Scores in the country, the operator under -- operating under the name IZI, which is actually our digital-first application for the youth, has the highest NPS scores of '26, where all the operators are in single-digit numbers. So what I see is, 4.9G is today very well positioned to compete even against 5G capabilities.

我很高興看到，如果我查看該國的淨推薦值，以 IZI 名義運營的運營商（這實際上是我們針對年輕人的數字優先應用程序）的 NPS 得分最高，為 26，而所有運營商的得分都是個位數。所以我認為，4.9G 目前已具備與 5G 競爭的條件。

The customer, at the end of the day, does not care if they consume the services, whether it be music, games or video, whether it is on Wi-Fi, 4G, 5G, or in the future, satellite platforms, where we are also preparing ourselves, getting ready for.

歸根結底，客戶並不關心他們是否使用這些服務，無論是音樂、遊戲還是視頻，無論是在 Wi-Fi、4G、5G 還是未來的衛星平台上，我們也正在為此做好準備。

Okay. If I could squeeze one final question for Burak. Just coming back to the SPAC effects, am I right to think that the direct costs for Kyivstar will be booked at that level and the balance of the cost on the share price translation will be treated at the parent level, at VEON level? Is that correct?

好的。我可以向布拉克提最後一個問題。回到 SPAC 的影響，我是否正確地認為 Kyivstar 的直接成本將在該級別入賬，而股價轉換的成本餘額將在母公司級別即 VEON 級別處理？對嗎？

Yes, that's correct --

是的，沒錯--

So can you sort of give me a rough breakdown? I mean, your direct SPAC costs are expected to be X, and then the -- subject to the closure, what the balance will be at the VEON level?

那你能給我一個粗略的分析嗎？我的意思是，您的直接 SPAC 成本預計為 X，然後 - 取決於關閉，VEON 等級的餘額是多少？

At the VEON level, as I stated, it will depend on the closing price on the day, but it will be somewhere between $50 million to $100 million, based on the current value of the shares trading. And in terms of transaction costs, that's going to be mostly booked into equity actually. And the amount of those transaction costs will be somewhere between $30 million to $50 million.

在 VEON 級別，正如我所說，這將取決於當天的收盤價，但根據當前股票交易價值，它將在 5000 萬美元到 1 億美元之間。就交易成本而言，這實際上大部分都計入股權。這些交易成本的金額將在 3,000 萬美元到 5,000 萬美元之間。

Matthew Harrigan, The Benchmark Company.

馬修·哈里根（Matthew Harrigan），基準公司。

You can hear me, of course, right?

當然，你聽得到我說話，對吧？

Yes, we can.

是的，我們可以。

Great. Always an element of paranoia there, although I should be accustomed to it by now. I actually had a 4.9 MIMO question as well, but I think even more interesting is the valuation because you have a telecom business that I think probably has a sustainable mid-single-digit growth rate that isn't adequately valued relative to peers. And then, you have the direct digital business, close to $725 million run rate now.

偉大的。那裡總是存在著一種偏執的因素，儘管我現在應該已經習慣了。我實際上也有一個 4.9 MIMO 的問題，但我認為更有趣的是估值，因為我認為你的電信業務可能具有可持續的中等個位數增長率，但與同行相比估值不足。然後，您有直接的數位業務，目前的運行率接近 7.25 億美元。

Obviously, you're going to be at $1 billion within a few quarters, the way it's growing 56%. And that's -- it's really a gaggle of interesting businesses across different markets. I'm wondering -- I don't know how familiar you are with tracking stocks. I suspect you are. They're not used very often. But this does seem like one instance where you could do some creative financial engineering and try to do a tracker for those digital businesses that probably you can get a valuation almost tantamount to your market cap in some quarters.

顯然，以 56% 的成長率，幾個季度內你的營收就會達到 10 億美元。這就是——它確實是一群來自不同市場的有趣的企業。我很好奇——我不知道您對跟踪股票有多熟悉。我懷疑你是。它們並不經常被使用。但這確實看起來像是一個例子，你可以做一些創造性的金融工程，並嘗試為那些數位業務做一個追蹤器，可能你可以得到一個幾乎相當於你的市值的估值。

How do you -- and clearly, you've got Ukraine just in the process right now. But what do you have in the hopper? And what do you kind of think about unlocking the valuation? Because it surely should be realized over a period of time, but it is complicated -- very complicated company. And I clearly don't think you're getting a fair valuation for the telecom business, let alone what you're adding on, on the digital side.

您如何——顯然，烏克蘭問題現在正處於這一進程中。但是料斗裡有什麼？您對解鎖估值有何看法？因為它肯定需要在一段時間內實現，但它是一個複雜的——非常複雜的公司。我顯然不認為您對電信業務的估值是公平的，更不用說您在數字方面所增加的內容了。

Matthew, thank you very much for your question. We are a unique company. While we are unified when it comes to strategic direction, we have a decentralized way of execution. And if you look to our product portfolio, you will see local authentic brands serving our customers in different countries. And you are absolutely right. There is an opportunity here to crystallize the value.

馬修，非常感謝您的提問。我們是一家獨特的公司。雖然我們的策略方向是統一的，但我們的執行方式是分散的。如果您查看我們的產品組合，您會看到為不同國家的客戶提供服務的當地正宗品牌。你說得完全正確。這裡有一個實現價值的機會。

And when the right time comes, we will think about this, how to make it more transparent and more tangible. I think, at right time, we'll start phase by phase. First, I would like to see our direct digital revenues to surpass 20% of our total revenues to provide you more clarity about the marginality. And second, as we move on, certain type of businesses across the Board, for example, financial services.

當適當的時候，我們會考慮這個問題，如何讓它變得更加透明和更加切實。我認為，在適當的時候，我們會分階段開始。首先，我希望看到我們的直接數字收入超過總收入的 20％，以便讓您更清楚地了解邊際收入。其次，隨著我們繼續前進，某些類型的業務將全面展開，例如金融服務。

We have JazzCash in Pakistan, which is actually already generating a $1 billion run rate for us. And we do have Simply business, who is in Kazakhstan, which is ripe for growth, and Beepul in Uzbekistan. I think, at the right time, you will see us bringing the financial services, bringing the entertainment businesses, bringing the health care, ride-hailing businesses under umbrellas where we will be much easier to communicate in terms of revenue values. But I think we are a couple of quarters ahead of that position.

我們在巴基斯坦有 JazzCash，它實際上已經為我們創造了 10 億美元的運行率。我們確實有 Simply 的業務，它在哈薩克斯坦，那裡已經具備成長條件，還有 Beepul 在烏茲別克。我認為，在適當的時候，你會看到我們將金融服務、娛樂業務、醫療保健、叫車業務納入整體業務中，這樣我們在收入價值方面將更容易溝通。但我認為我們比那個位置領先了幾個季度。

And if you don't mind, it's interesting when you look at generative AI, and McKinsey is putting out numbers that suggest mid-single-digit gains to global GDP and all that. And you would have to infer from that with the growth rates we have right now that GDP will be negative if it wasn't for AI, which is rather silly. But you're in a position where you can really see what the ROIs are and what you can deliver. If you look at AI specifically to the frontier markets that you're in right now.

如果你不介意的話，當你觀察生成式人工智慧時，你會發現這很有趣，麥肯錫發布的數據顯示全球 GDP 將實現中等個位數成長等等。你必須從我們目前的成長率推斷，如果沒有人工智慧，GDP 將為負數，這是相當愚蠢的。但您可以真正看到投資回報率以及您可以提供什麼。如果你特別關注人工智慧，看看你現在所處的前沿市場。

And clearly, Uzbekistan, taking one example, you've got a very interesting business there more on the tech side. But how do you think AI affects markets with lower labor costs and lower penetrations of digital services and probably a lower white-collar component in the workforce? In other words, looking at the effect of AI on the economy in Pakistan or Ukraine or Uzbekistan compared to the United States or Britain or the Netherlands, which you know well.

顯然，以烏茲別克為例，那裡的業務非常有趣，主要集中在技術方面。但您認為人工智慧將如何影響勞動成本較低、數位服務滲透率較低以及勞動力中白領比例較低的市場？換句話說，看看人工智慧對巴基斯坦、烏克蘭或烏茲別克經濟的影響，並與你所熟知的美國、英國或荷蘭進行比較。

And I know it's kind of a Sunday morning's auction type question, but I'd be interested to get your -- you're probably one of the few people who sees things.

我知道這個問題有點像週日早上拍賣會上問的那樣，但我很感興趣——你可能是少數幾個能洞察事物的人之一。

Matthew, I think in emerging markets and frontier markets, sometimes advanced technologies are adopted in very creative ways. And I do expect that overall, local economies will be impacted significantly with the adoption of what I call not artificial but augmented intelligence. Let me explain it this way, especially from our industry perspective.

馬修，我認為在新興市場和前沿市場，有時會以非常有創意的方式採用先進技術。我確實預計，總體而言，隨著我所說的不是人工智慧而是增強智慧的採用，地方經濟將受到重大影響。讓我這樣解釋一下，特別是從我們的產業角度。

A traditional telecom company's value proposition is selling number of minutes, number of gigabytes, number of SMS's. You would be surprised, but that business model still exists in many places. The digital operator sells services, rather than selling gigabytes, provides entertainment, games, video, music, health care services, education services.

傳統電信公司的價值主張是銷售通話分鐘數、千兆位元組數、簡訊數。你可能會感到驚訝，但這種商業模式在許多地方仍然存在。數位業者賣的是服務，而不是賣千兆字節，提供娛樂、遊戲、影片、音樂、醫療服務、教育服務。

Now, what I call the AI generation telco will provide augmented skill sets to create capabilities for a doctor to be a better doctor, a teacher to be a better teacher. And imagine, as we provide these services, our value proposition for our customers will no more be number of gigabytes or even digital service. It will be a better version of themselves. That's what we are focusing on.

現在，我所說的人工智慧世代電信公司將提供增強的技能組合，使醫生能夠成為更好的醫生，使老師能夠成為更好的老師。想像一下，當我們提供這些服務時，我們為客戶提供的價值主張將不再是千兆位元組的數量，甚至不再是數位服務。這將是他們更好的版本。這就是我們所關注的。

That's why we are developing local language LLM models. We have already launched Kazakh LLM model. We are working on all the other countries. Probably the second one will be Ukrainian LLM. And we have already launched agentic AI capabilities like online tutor, which would help students with their homeworks, which would help them assess their level, develop an education program and do the certifications at the end.

這就是我們開發本地語言 LLM 模型的原因。我們已經推出了哈薩克法學碩士模式。我們正在與所有其他國家合作。第二個可能是烏克蘭法學碩士。我們已經推出了代理人工智慧功能，例如線上導師，它可以幫助學生完成作業，幫助他們評估自己的水平，制定教育計劃並最終獲得認證。

And these type of capabilities are getting very high levels of demand and adoption in the countries that we operate in. That's where I see our future value propositions will be centered around. And through our super apps, we're going to integrate all these capabilities. So the agentic AI will be the main value proposition we provide to our customers.

在我們開展業務的國家中，這類功能的需求和採用程度非常高。我認為我們的未來價值主張將以此為中心。透過我們的超級應用程序，我們將整合所有這些功能。因此，代理 AI 將是我們向客戶提供的主要價值主張。

Don Espey, Shah Capital.

唐·埃斯佩（Don Espey），Shah Capital。

Don, you might be on mute. Still not hearing, Don.

唐，你可能靜音了。還是沒聽到，唐。

Don, can you hear us?

唐，你聽得到我們說話嗎？

Can you hear us?

你聽得到我們說話嗎？

Yes, Don, now we hear you.

是的，唐，現在我們聽到你的聲音了。

Great. We've got a few questions actually. You touched on this topic with Matthew a few minutes ago, but hoping we can drill down a little more with the fintech assets specifically. The market has given little value to your fintech assets, including JazzCash. So we're curious on your strategy to partially monetize VEON's 40 million-plus digital wallets.

偉大的。實際上我們有幾個問題。幾分鐘前您與馬修談到了這個話題，但希望我們能夠就金融科技資產進行更深入的探討。市場對您的金融科技資產（包括 JazzCash）的評價不高。因此，我們對您將 VEON 的 4000 多萬個數位錢包部分貨幣化的策略感到好奇。

Don, first of all, thank you for your trust and confidence in VEON. I think there is an echo somewhere. If you can maybe turn off your loudspeaker. I think you did. Thank you very much for that. So thanks a lot for your trust and confidence. And you're absolutely right. Especially if I take the Pakistan's JazzCash business -- actually, I have to admit that it's not only JazzCash, it's Mobilink Microfinance Bank and JazzCash, where we have close to 21 million of that 40 million fintech customers that you mentioned.

Don，首先感謝您對 VEON 的信任與信心。我認為某處有迴聲。如果可以的話，請關掉揚聲器。我想你做到了。非常感謝。非常感謝您的信任與信心。你說得完全正確。特別是如果我以巴基斯坦的 JazzCash 業務為例——實際上，我必須承認，它不僅是 JazzCash，還有 Mobilink 小額信貸銀行和 JazzCash，我們在其中擁有您提到的 4000 萬金融科技客戶中的近 2100 萬。

This is a business which actually lends 140,000 nano loans every single day, transacts 12% of Pakistan GDP and concludes 60% of all mobile payments in the country. And of course, we see the opportunity in terms of making this business much more tangible and crystallizing well. On the other side, the growth momentum is so high that every time I prepare an information memo, I have to repeat it before it gets finalized.

這家企業實際上每天發放 14 萬筆奈米貸款，交易額佔巴基斯坦 GDP 的 12%，並完成該國 60% 的行動支付。當然，我們看到了讓這項業務更切實可行、更具體化的機會。另一方面，成長勢頭如此之高，以至於每次我準備資訊備忘錄時，都必須重複一遍才能最終確定。

So I am a little bit patient in terms of developing the value and the right level of value representation before hurrying in moving into a crystallization. Clearly, we have lots of interested parties in our financial services business in Pakistan and also in other markets. But I think, -- I would like to take our time a little bit to make sure that the business growth perfectly plays into the next couple of quarters.

因此，在急於進入結晶階段之前，我會耐心地開發價值和正確的價值表現水準。顯然，許多各方對我們在巴基斯坦以及其他市場的金融服務業務感興趣。但我認為，我想花一點時間來確保業務成長能夠完美地融入接下來的幾季。

And of course, later on, you will see us talking much more about this and also presenting it into the relevant investor circles.

當然，稍後您會看到我們對此進行更多討論，並將其介紹給相關的投資者圈子。

Don, you had other questions?

唐，你還有其他問題嗎？

Don, you are on mute again, I think.

唐，我想你又靜音了。

When do you see your monthly ARPU close to $3? By the way, one peer in Africa is there even though per capita income of African countries is lower than VEON's markets.

您何時會發現您的每月 ARPU 接近 3 美元？順便說一句，儘管非洲國家的人均收入低於 VEON 的市場，但非洲仍有一個同業。

It's a very good question, Don. So, let me take that. I think you need to mute. Thank you. So I'll break the question into, I think, three legs, right? I think Kaan went into a lot of length on Multiplay being the key driver to our ARPU and revenue growth strategy. And if you look at our disclosures on page 4, we are disclosing that Multiplay ARPU is actually at $3.4 now, and that's related to the $1.9 mobile ARPU.

這是一個非常好的問題，唐。那麼，就讓我來接受吧。我認為你需要靜音。謝謝。所以我認為我應該把這個問題分成三個部分，對嗎？我認為 Kaan 詳細闡述了 Multiplay 是我們 ARPU 和營收成長策略的關鍵驅動力。如果你看一下第 4 頁的披露，我們披露的 Multiplay ARPU 實際上現在為 3.4 美元，這與 1.9 美元的行動 ARPU 相關。

So I think our strategy is working. And as Kaan pointed out in the slides, Multiplay ARPU is consistently multiples of what the voice-only or the regular ARPU is. This Multiplay is only 32% of the subscriber base today. And as Kaan pointed out again, one very important narrative in our story is how we continue to grow this proportion.

所以我認為我們的策略是有效的。正如 Kaan 在幻燈片中指出的那樣，Multiplay 的 ARPU 始終是純語音或常規 ARPU 的數倍。目前，這種多播服務僅佔用戶群的 32%。正如卡恩再次指出的那樣，我們的故事中一個非常重要的故事是我們如何繼續擴大這一比例。

And as that proportion grows, we do expect the overall ARPU to also start to climb. So that's, I guess, point number one. Point number two, smartphones. I think in most of our markets, it's probably one in two subscribers, if at that that own smartphones. We spoke about the smartphone strategy that we have. We spoke about the handset strategy that we have.

隨著該比例的成長，我們預期整體 ARPU 也將開始攀升。我想這就是第一點。第二點，智慧型手機。我認為，在我們的大多數市場中，大概每兩個用戶就有一個擁有智慧型手機。我們討論了我們的智慧型手機策略。我們討論了我們的手機戰略。

And as that gets going, I think the entire virtuous cycle of 4G adoption, Multiplay, and therefore, ARPU accretion is again something that will go into play into driving that number. Thirdly, we're very focused on fair value pricing and obviously pushing our digital services. We look at selling services, not as selling tariffs, and that's also something that we are executing to very strongly in our markets.

隨著這種情況的發生，我認為 4G 的採用、多重播放以及 ARPU 成長的整個良性循環將再次發揮作用，推動這一數字的成長。第三，我們非常注重公允價值定價，並顯然在推動我們的數位服務。我們看重的是銷售服務，而不是銷售關稅，這也是我們在市場上大力推行的。

So I guess, long answer to your short question, these are the trends I'd expect to continue to support an ARPU move, which starts to kind of move closer and closer to what we are seeing at the Multiplay ARPU today.

所以我想，對於您的簡短問題，長話短說，這些是我預計將繼續支援 ARPU 變動的趨勢，這種變動開始越來越接近我們今天在 Multiplay ARPU 上看到的水平。

That helps. And is VEON contemplating Kyivstar, Jazz, Beeline smartphones for better penetration and monetization of its digital apps?

這有幫助。VEON 是否正在考慮利用 Kyivstar、Jazz、Beeline 智慧型手機來更好地滲透和實現其數位應用的貨幣化？

Don, thanks for the question. We have actually started actively doing this in Kazakhstan, and the early results are very promising. So you will be also seeing other markets that we will bring tailor-made phones for our customers so that they can consume our digital services more effectively.

唐，謝謝你的提問。我們其實已經開始在哈薩克積極地進行這項工作，早期成果非常令人鼓舞。因此，您還將看到，在其他市場，我們將為客戶提供量身定制的手機，以便他們能夠更有效地使用我們的數位服務。

And last question. Yes, it's unfortunate VEON still has a going concern language. How quickly do you see that going away?

最後一個問題。是的，不幸的是 VEON 仍然有持續經營的語言。您認為這種情況多久會消失？

Don, thanks a lot. Let me ask Burak to explain where we see this.

唐，非常感謝。讓我請布拉克解釋一下我們在哪裡看到這種情況。

Sure. I mean, the main reasons for the going concern language on our 20-F is now, I believe, off the table. One of them was our access to capital markets, which with the syndicated loan and also with the private financing that we closed in July is off the table right now. And the second one was the fact that we were able to pay our $500 million of bonds in April and June as we announced.

當然。我的意思是，我認為，我們 20-F 中持續經營語言的主要原因現在已經不再適用。其中之一就是我們進入資本市場的機會，而我們七月透過銀團貸款和私人融資進入資本市場的機會目前還無法實現。第二，我們能夠按照我們宣布的，在四月和六月償還 5 億美元的債券。

So as both of those are off the table right now, I'm very optimistic that until the end of this year, hopefully sooner than later in Q3, we will be able to make a disclosure in terms of getting that off our books.

因此，由於這兩項目前都已不再考慮，我非常樂觀地認為，到今年年底，希望在第三季度早些時候，我們將能夠就將其從我們的賬簿上移除做出披露。

Vincent Fernando, Zero One Investment Research.

文森特·費爾南多（Vincent Fernando），零一投資研究公司（Zero One Investment Research）。

Can you hear me?

你聽得到我嗎？

Yes, we can.

是的，我們可以。

Okay. Great. I was looking at the Uklon numbers. You generated $9.3 million of EBITDA in the quarter, kind of puts you on track maybe for moderate growth at $40 million for 2025. You're doing 3.5 million MAUs in a country of 38 million people. How do you see growth evolving for Uklon this year? Because it looks like it's becoming a pretty strong EBITDA generator.

好的。偉大的。我正在看 Uklon 的數字。您在本季度創造了 930 萬美元的 EBITDA，這可能使您在 2025 年實現 4000 萬美元的適度增長。你們在一個擁有 3,800 萬人口的國家擁有 350 萬月活躍用戶。您認為今年 Uklon 的發展前景如何？因為它看起來正在成為一個相當強大的 EBITDA 生成器。

And then, kind of in addition to that, how do you see extensibility for Uklon into -- I mean, I know you have it in Uzbekistan. Have you looked at ride-hailing in Kazakhstan?

然後，除此之外，您如何看待 Uklon 的可擴展性——我的意思是，我知道您在烏茲別克斯坦有它。您了解哈薩克的叫車服務嗎？

Sure. Thanks a lot, Vincent. So Uklon is really a very unique company, which is growing fast and it is EBITDA-accretive and cash flow-generative and positive and basically almost have 70% market share in ride-hailing and delivery in Ukraine. Currently, they operate in 28 markets. When I say markets, understand that as cities. 27 of that 28 are in Ukraine, and one of them is in Tashkent in Uzbekistan.

當然。非常感謝，文森。因此，Uklon 確實是一家非常獨特的公司，它發展迅速，EBITDA 不斷增加，現金流不斷產生，基本上佔據了烏克蘭叫車和送貨服務 70% 的市場份額。目前，他們的業務已覆蓋 28 個市場。當我說市場時，請理解為城市。這 28 個市場中有 27 個在烏克蘭，其中一個在烏茲別克的塔什幹。

Interestingly, Tashkent is the largest market in terms of market size. So I believe the potential for Uklon, not only for ride-hailing, but also for delivery and linkage to the marketplaces that we will operate in our super apps is huge. And you will see us expanding the capabilities of Uklon and Uklon team to other markets over the next four quarters.

有趣的是，就市場規模而言，塔什幹是最大的市場。因此，我相信 Uklon 的潛力巨大，不僅在叫車服務方面，而且在送貨和與我們在超級應用程式中運營的市場連接方面也是如此。您將看到我們在未來四個季度內將 Uklon 和 Uklon 團隊的能力擴展到其他市場。

And what we see is every market that we will be entering could be completely from organic, or it can also be accompanied with some also in-market acquisitions and consolidations. But this is a business where it is extremely accretive to the customer experience, and also our super app strategies, as we embed financial services and marketplaces to our super apps, as you can imagine, a product being sold on an e-commerce site delivered at home and may be financed through our financial services offerings. This is the real full 360 value proposition that we are after.

我們看到，我們進入的每個市場都可能完全是有機的，或者也可能伴隨著一些市場內的收購和整合。但這是極為有利於提升客戶體驗的業務，也是我們的超級應用策略，因為我們將金融服務和市場嵌入到我們的超級應用中，你可以想像，在電子商務網站上銷售的產品可以送貨上門，並且可以透過我們的金融服務產品進行融資。這就是我們所追求的真正的全方位 360 價值主張。

Are you -- I mean, now that it's part of the group, will the investment or the budget for expansion and marketing be increased? And have we -- and the growth that we've seen for Uklon for 2Q, has that started yet? That's what I'm trying to understand. Like is that basically growth based on their previous budgeting and marketing? And now they're part of the group. Is that -- will you change? This is going to accelerate that?

您——我的意思是，既然它現在已成為集團的一部分，擴張和行銷的投資或預算會增加嗎？那麼，我們看到的 Uklon 第二季度的成長已經開始了嗎？這就是我想要理解的。這種成長是否基本上是基於他們之前的預算和行銷？現在他們是該團體的一部分。那是──你會改變嗎？這會加速這一進程嗎？

This quarter's results are totally their organic performance, and they are performing very well on the markets that they were at. Now, with the new era of combining our capabilities in the countries -- and as I have always said, our two unique advantages is our effective customer acquisition and customer acquisition cost, therefore; second, effective distribution mechanism through our super apps.

本季的業績完全是他們的有機表現，他們在所在市場的表現非常出色。現在，隨著我們在各國的能力相結合的新時代——正如我一直所說，我們的兩個獨特優勢是我們有效的客戶獲取和客戶獲取成本；其次，透過我們的超級應用程式實現有效的分銷機制。

We have not yet seen the results of combining these capabilities with the technological advantages of Uklon. Therefore, I'm very excited to see the penetration levels actually evolve over the next quarters. And I would like to make sure that our advantage in customer acquisition and our advantage in additional service to an already existing customer will deliver huge value for us.

我們尚未看到這些能力與 Uklon 的技術優勢相結合的成果。因此，我很高興看到滲透水平在接下來的幾個季度中實際發生變化。我希望確保我們在客戶獲取方面的優勢以及為現有客戶提供附加服務方面的優勢將為我們帶來巨大的價值。

Christopher Hoare, New Street Research.

克里斯多福‧霍爾（Christopher Hoare），新街研究公司（New Street Research）。

I had a couple of questions. First one, just operational. My understanding is that the reason for the negative EBITDA in Kazakhstan is an increased tax that was introduced in Q3 last year. So is that correct? And does that drop off? And therefore, is there anything happening to underlying margins? Or should we expect from Q3 that Kazakhstan moves back to kind of EBITDA growth roughly in line with revenue growth? Yes, maybe if you answer that, and then, I'll come back with a follow-up.

我有幾個問題。第一個，剛開始運作。我的理解是，哈薩克 EBITDA 為負的原因是去年第三季開始徵收的增稅。那麼這是正確的嗎？那會下降嗎？那麼，底層利潤率會發生哪些變化呢？或者我們是否應該預期從第三季開始哈薩克的 EBITDA 成長將與營收成長大致一致？是的，也許如果你回答了這個問題，然後我會回來跟進。

Thank you, Chris. First of all, it was not about increased tax. It was actually a tax rebate due to our rural deployment of 4G technology that government extended to us. The law on that expired by the end of last year. And actually, after our Q2 closure, the law passed again, retroactively affecting Q1 and Q2. So in Q3, you will see those numbers coming back in. And maybe, Burak, you can remind me how much it will be impacting Q3 numbers.

謝謝你，克里斯。首先，這不是增稅的問題。這其實是政府因為我們在農村部署了4G技術而給予我們的稅收減免。有關該項法律已於去年底到期。實際上，在我們第二季結束後，該法律再次通過，追溯影響第一季和第二季。因此在第三季度，你會看到這些數字回升。也許，布拉克，你可以提醒我這對第三季的數據有多大影響。

It's about $8 million a quarter. So it will be in total about $16 million that we will have in Q3.

每季約800萬美元。因此，我們第三季的總營收將達到約 1,600 萬美元。

So the issue in Kazakhstan will be compensating in Q3. The President passed the law quite late, so it will only be impacted in Q3.

因此，哈薩克的問題將在第三季得到彌補。總統通過這項法律的時間相當晚，因此它只會在第三季受到影響。

It will also impact revenue, not only EBIT.

這不僅會影響息稅前利潤 (EBIT)，還會影響收入。

Okay. But that means, we'll be back to positive EBITDA in Q3, basically in Kazakhstan?

好的。但這是否意味著，我們將在第三季恢復正 EBITDA，基本上在哈薩克？

We don't have negative EBITDA. I mean, we have declined, but we don't have negative --

我們沒有負的 EBITDA。我的意思是，我們有所下降，但我們沒有負面--

No. Yes, but positive EBITDA growth, basically, yes.

不。是的，但 EBITDA 基本上是正成長。

Yes.

是的。

Yes.

是的。

Yes. So given that, I mean, should -- I mean, do you think the full year EBITDA guidance is a bit conservative on that basis, given what you've seen in the first half? I mean, the implied second half is a fair bit weaker, but you've got that benefit flowing through. Is there anything else happening that should we be aware of in one of the other operations?

是的。因此，考慮到這一點，我的意思是——我的意思是，考慮到您在上半年看到的情況，您是否認為全年 EBITDA 指引在此基礎上有點保守？我的意思是，隱含的後半部相當弱，但你已經獲得了好處。在其他操作中還有哪些事情需要我們注意？

I think we are, as usual, having a prudent stance on our projections. And of course, as the operations show itself, we will come back to you in next quarter to give you a highlight on that. But I think as it stands now, it's the right conservative prudent approach that we have taken.

我認為，我們一如既往地對我們的預測持謹慎態度。當然，隨著營運情況的顯現，我們將在下個季度再次向您介紹重點內容。但我認為，就目前情況而言，我們採取的是正確的保守審慎態度。

Okay. And then, maybe if I could have another one. I think you're planning to announce a new shareholder remuneration strategy. And I just wondered, given that you've completed the third phase of the buyback, if there's anything you can say on that, either around timing or sort of how you're feeling about shareholder remuneration, both from a buyback or a dividend perspective, if there's anything you say around what we should be expecting there?

好的。然後，也許我可以再要一個。我認為您正計劃宣布一項新的股東薪酬策略。我只是想知道，鑑於您已經完成了回購的第三階段，您是否可以對此發表一些看法，無論是關於時間安排，還是從回購或股息的角度對股東薪酬的看法，您是否可以談談我們應該期待什麼？

Chris, as I have mentioned in the last quarter, please expect the Q3 to be the time that we come back to the market about this. But what I would like to highlight is, we are a growth company. As you can see, we have huge opportunities to accelerate our growth, capture new markets. And we will, of course, balance this when we come back to the market and make our statements.

克里斯，正如我在上個季度提到的，請期待第三季我們將重返市場討論這個問題。但我想強調的是，我們是一家成長型公司。正如您所看到的，我們有巨大的機會加速成長、佔領新市場。當然，當我們回到市場並發表聲明時，我們會平衡這一點。

Theodore O'Neill, Litchfield Hills Research.

西奧多·奧尼爾，利奇菲爾德山研究公司。

First, congratulations on the good results in the quarter. Yes, my question is, given the good growth you've had here on the digital side, how should investors think about this growth split between organic and inorganic?

首先，恭喜本季取得的良好業績。是的，我的問題是，鑑於你們在數位方面取得的良好成長，投資者應該如何看待有機成長和無機成長之間的差距？

On the digital side, I'm assuming your question, right?

在數字方面，我假設你的問題，對嗎？

Yes.

是的。

Well, it's very simple. The $120 million is a 57% year-on-year growth. And the only inorganic part there is the $21 million coming from Uklon, and that means still a healthy growth is there organically as well.

嗯，很簡單。1.2億美元年增57%。唯一的非有機部分是來自 Uklon 的 2100 萬美元，這意味著有機成長仍然很健康。

Okay. And the follow-up is, I was wondering if there was sort of a pipeline of potential acquisitions in this area that you're looking at.

好的。後續問題是，我想知道您是否正在考慮這個領域的潛在收購機會。

I mean, I do not want to speculate on that, but it is very clear that our digital services strategy and the way we see actually launching new services will result in organic and also inorganic efforts in all the markets. As I mentioned to you, we do have a unified strategy, but we execute in a decentralized way in the markets that we are in. That fits into the expectations of the customers the best. So -- but I don't want to speculate on what those could be at this point.

我的意思是，我不想對此進行推測，但很明顯，我們的數位服務策略以及我們實際推出新服務的方式將在所有市場中產生有機和無機的努力。正如我向您提到的，我們確實有一個統一的策略，但我們在所在的市場中以分散的方式執行。這最符合客戶的期望。所以——但我現在不想猜測這些是什麼。

We have no further questions at this time. I will now hand back to Anand Ramachandran for closing remarks.

目前我們沒有其他問題。現在我將把發言交還給 Anand Ramachandran，請他作最後發言。

Thank you so much. Actually, we do have some questions left. But look, just respecting people's time and given that the hour is up, we would like to close the call here. We will revert back to you guys on the questions. And as always, any additional questions, do feel free to call us, email us. Very happy to take all the questions in a lot of detail offline. So to conclude, thank you again for your support.

太感謝了。實際上，我們確實還有一些問題。但是，你看，只是尊重大家的時間，並且考慮到時間已經到了，我們想在這裡結束通話。我們將回覆你們的疑問。像往常一樣，如果您有任何其他問題，請隨時致電或發送電子郵件給我們。非常高興能夠在線下詳細解答所有問題。總而言之，再次感謝您的支持。

It's been a good quarter. We appreciate your support and the time you spent with us. Thank you for your continued support and see you again next quarter. Thank you.

這是一個好的季度。我們感謝您的支持以及您與我們共度的時光。感謝您一直以來的支持，下個季度再見。謝謝。

Thank you very much. Bye-bye.

非常感謝。再見。