Almaty, Dubai and Tokyo, December 23, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), and Rakuten Group, Inc. (TSE: 4755), announced today that Beeline Kazakhstan Holding, VEON’s digital operator in Kazakhstan, and Rakuten Symphony, a subsidiary of Rakuten Group, have signed a Memorandum of Understanding (MoU) to explore strategic collaboration on next-generation connectivity, digital services, and cloud-native network infrastructure.

The MoU establishes a framework for cooperation focused on the evolution of modern, software-driven telecom networks and scalable digital platforms. Under this framework, the parties will assess opportunities to deepen collaboration across priority technology areas, including Open RAN architectures, AI-powered network intelligence, next-generation digital platforms, cloud solutions, and global IoT and mobile workforce connectivity.

By combining Beeline Kazakhstan’s strong market position and expanding digital ecosystem with Rakuten Symphony’s experience in cloud-native networks and open, automated architectures, the collaboration aims to support the long-term modernization of connectivity infrastructure and the development of advanced digital services in Kazakhstan.

“Our networks and business models are undergoing a profound transformation driven by cloud, automation and artificial intelligence,” said Evgeniy Nastradin, CEO of Beeline Kazakhstan Holding. “This collaboration reflects our ambition to explore next-generation network architectures and digital platforms that can enhance efficiency, resilience, and customer experience. By pairing our local expertise with Rakuten Symphony’s global innovation capabilities, we seek to unlock new opportunities for Kazakhstan’s digital ecosystem.”

“We are delighted to expand our partnership with VEON through this collaboration with Beeline Kazakhstan, a forward-thinking operator that shares our vision for the future of telecommunications,” said Sharad Sriwastawa, President of Rakuten Symphony. “Today’s announcement underscores our shared commitment to driving the future of telecom with open, cloud-native architectures. By combining our expertise in Open RAN, AI-powered automation, and digital platforms with Beeline Kazakhstan's local expertise, we aim to deliver innovation and enhanced digital experiences for the region.”

“Beeline Kazakhstan has consistently demonstrated its leadership in translating advanced technologies into meaningful digital services for the people of Kazakhstan and the broader region,” said Kaan Terzioglu, VEON Group CEO . “This collaboration will enable us to explore how Rakuten Symphony’s cutting-edge capabilities and business model can enhance Beeline Kazakhstan’s continued network evolution and digital service ambitions. We are delighted to expand our collaboration with Rakuten to a second VEON Group company following Kyivstar Group in Ukraine.”

Kyivstar Group, another VEON Group Company, is already partnering with Rakuten Symphony in Ukraine to explore Open RAN collaboration.

About VEON

VEON is a digital operator that provides connectivity and digital services to nearly 150 million connectivity and 140 million digital users. Operating across five countries that are home to more than 6% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com .

About Beeline Kazakhstan

Beeline Kazakhstan serves 11.9 million customers with mobile connectivity and around one million with fixed internet services. Since 2018, the company has been executing its digital operator strategy. Over the past five years, leveraging its expertise in digital solution development, Beeline Kazakhstan has created an ecosystem of 60 internal and external products. Beeline Kazakhstan is majority-owned by VEON.

About Rakuten
Rakuten Group, Inc. (TSE: 4755) is a global technology leader in services that empower individuals, communities, businesses and society. Founded in Tokyo in 1997 as an online marketplace, Rakuten has expanded to offer services in e-commerce, fintech, digital content and communications to 2 billion members around the world. The Rakuten Group has around 30,000 employees, and operations in 30 countries and regions. For more information visit https://global.rakuten.com/corp/ .

About Rakuten Symphony
Rakuten Symphony is reimagining telecom, changing supply chain norms and disrupting outmoded thinking that threatens the industry’s pursuit of rapid innovation and growth. Based on proven modern infrastructure practices, its open interface platforms make it possible to launch and operate advanced services in a fraction of the time and cost of conventional approaches, with no compromise to network quality or security. Rakuten Symphony has operations in Japan, the United States, Singapore, India, South Korea, Europe and the Middle East Africa region. For more information about Rakuten Symphony’s offerings, visit: https://symphony.rakuten.com .

Forward-Looking Statements Disclaimer
This release contains “forward-looking statements”, within the meaning of the Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements relating to VEON’s strategic ambitions and changes in technology. There are numerous risks, uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, including risks relating to VEON’s strategic ambitions and changes in technology, among others discussed in the section entitled “Risk Factors” in VEON’s 2024 Form 20-F filed with the SEC on April 25, 2025 and other public filings made by VEON with the SEC. The forward-looking statements contained herein speak only as of the date of this release and VEON disclaims any obligation to update them, except as required by law.

Contact Information
VEON
Hande Asik
Chief Communications and Strategy Officer
[email protected]

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