VEON’s Kyivstar Named the Top International Investor in Ukraine in 2022-2023 by Forbes Ukraine

Amsterdam and Kyiv, 14 May 2024: VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, is pleased to share that VEON’s 100%-owned subsidiary Kyivstar, has been named the top international investor in Ukraine in 2022-2023 by Forbes Ukraine.

The Forbes Ukraine rating looked at capital expenditures by private companies in Ukraine in 2022 and 2023. Kyivstar was ranked as the 5^th largest private sector investor overall and the leader in the telecommunications industry, making its 100% shareholder VEON the highest-ranking international investor in Ukraine.

Kyivstar’s UAH 12.3 billion in capital expenditures and investments for 2022 and 2023, (approximately USD 176 million and USD 174 million in 2022 and 2023, respectively, in the Group’s reporting currency) focused on expanding its 4G coverage, ensuring network availability and energy resilience, and enabling digital services. The same focus continues in 2024.

Since February 2022, Kyivstar has installed 5,500 new base stations and upgraded more than 13 thousand base stations to 4G, meaning that today the company serves Ukraine with over 1,700 more 4G sites than before the onset of the full-scale war. Kyivstar has also expanded its 4G population coverage from 90.3% in January 2022 to 95.4% in April 2024 in line with its “LTE everywhere” project, which provides the connectivity backbone for the digitalization of Ukraine. Kyivstar’s investments have helped provide connectivity to Ukrainians in newly built residential areas and in the country’s bomb shelters.

VEON’s Kyivstar also spent heavily on the energy resilience of its network, spending UAH 1 billion (approx. USD 27.4 million) and installing over 130 thousand batteries to date across its network. This has increased the duration of energy back-up at Kyivstar’s sites in order to support Ukraine’s connectivity even when the country’s energy infrastructure is under attack.

Kyivstar also invests in Ukraine’s digital landscape. In August 2022, it acquired a controlling interest in Helsi, Ukraine’s leading digital healthcare platform. Since acquiring Helsi, Kyivstar has been focusing on enhancing the platform’s offering, which now serves a registered base of 28 million users with a monthly active user base of 2.3 million as of April 2024. Further, the streaming service Kyivstar TV has become Ukraine’s leading digital content platform and continues to expand its educational and entertainment content.