Contradictions Unveiled: Ukraine's CapEx, Revenue Growth, and Debt Strategy in Focus

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Revenue and EBITDA Growth:
- VEON Ltd reported revenue of $1.08 billion for Q1 2025, with an 8.9% increase in reported U.S. dollar terms and 13.7% growth in EBITDA.
- Adjusted for the deconsolidation of TNS+, revenue grew 11.7%, and EBITDA grew 15.5%.
- Growth was driven by strong performance in core markets and strategic expansion in digital services.

Digital Services Expansion:
- Direct digital revenues rose by 50.2% year-on-year, now representing 14.3% of total revenues, up from 10.4% last year.
- Growth was propelled by increased adoption of integrated AI-powered features and a focus on expanding digital service offerings.

Pakistan Market Performance:
- In Pakistan, Jazz's revenue growth was 20.3%, with a 16% increase in 4G users and a 14% rise in mobile ARPU.
- This was attributed to a strong network performance and innovative digital services, despite macroeconomic challenges.

Ukraine Market Recovery:
- Ukraine operations achieved 20.2% revenue growth, despite adjusting for a cyberattack impact last year.
- The recovery was supported by price adjustments, stable 4G user base, and growing adoption of data and digital services.