20 Mar 2025
VEON Discloses Selected Key Financial Metrics About Uklon Kyiv and Dubai, March 20, 2025 - VEON Ltd. (Nasdaq: VEON), a global digital operator, today provides additional selected financial information about Uklon group ( Uklon ) following its announcement on 19 March 2025 regarding the agreement signed between JSC Kyivstar ( Kyivstar ) and Uklon for Kyivstar to acquire 97% of the shares of Uklon, a leading Ukrainian ride-hailing and delivery platform.
Uklon Key Financial and Operational Metrics, FY 2024 (preliminary, unaudited)
Revenue (USD mln) 65
Revenue CAGR FY21 - FY24 (USD) 30%
Number of Rides in 2024 > 100,000,000
Number of Deliveries in 2024 > 3,000,000
Partner / drivers in Ukraine, EoP > 100,000
Ukrainian cities covered by Uklon services, EoP 27
Source: Unaudited preliminary Uklon management data, covering all operations, unless otherwise specified
This announcement is made to inform relevant stakeholders in a uniform manner of further information about Uklon.
On 18 March 2025, VEON announced the signing of a business combination agreement with Cohen Circle Acquisition Corp. I (Nasdaq: CCIRU) that will result in the listing of Kyivstar on the Nasdaq Stock Market in the United States under the ticker symbol KYIV. The transaction is subject to the approval of Cohen Circle's shareholders and other customary closing conditions and is expected to close in the third quarter of 2025.
On 20 March 2025, VEON disclosed its Fourth Quarter and Financial Year 2024 Trading Update.
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% 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: www.veon.com
About Kyivstar
Kyivstar is Ukraines largest digital operator, serving more than 23 million mobile subscribers and over 1.1 million Home Internet fixed line customers as of December 2024. The company provides services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV, and more. Kyivstar has committed to invest USD 1 billion into the development of new telecom technologies in Ukraine over 2023-2027. Kyivstar has allocated over UAH 2 billion over the past two years to help Ukraine overcome wartime challenges, including providing support for the Armed Forces, clients and social projects. Kyivstar has been operating in Ukraine for 27 years and is recognized as a leading employer and a top contributor to socially important initiatives.
About Uklon
Uklon is the largest ride-hailing player in Ukraine. Uklon was founded in Kyiv 15 years ago as a tech start-up, successfully competing with global players with zero dollars of external financing. The company's founders are industry veterans with 15+ years of experience in taxi automation. Uklon's team includes more than 700 experts, including 250 software engineers who every day improve and maintain one of the largest consumer technology platforms in Ukraine. Uklon's digital services include ride-hailing, delivery, and other synergic mobility services, as well as AdTech for businesses.
Notice to readers: financial information presented
The results and other financial information presented in this document are, unless otherwise stated, prepared in accordance accounting and financial reporting standards under Ukrainian generally accepted accounting principles and have not been externally reviewed and audited. The financial information included in this document is preliminary and is based on a number of assumptions that are subject to inherent uncertainties and subject to change. The financial information presented herein is based on internal management accounts, is the responsibility of management and is subject to financial closing procedures which have not yet been completed and has not been audited, reviewed or verified. Certain amounts and percentages that appear in this document have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, including those in the tables, may not be an exact arithmetic aggregation of the figures that precede or follow them. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the current period or any future period.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the Business Combination. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
THE DISSEMINATION, PUBLICATION OR DISTRIBUTION OF THIS COMMUNICATION IS PROHIBITED IN ANY JURISDICTION WHERE IT WOULD CONSTITUTE A VIOLATION OF THE RELEVANT APPLICABLE LAW.
Additional Information and Where to Find It
In connection with the Business Combination, the combined company will file a registration statement, of which a proxy statement/prospectus will form a part, with the SEC. The definitive proxy statement/prospectus and other relevant documents will be sent o
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