_BIOGRAPHY Andrey Pyatakhin is a senior telecom executive and COO of Beeline Uzbekistan (VEON Group). He has continued to drive the company's transformation into a digital ecosystem player, advancing investments in telecom infrastructure, fintech, and digital services, while strengthening Uzbekistan's position as a fast-growing, innovation-driven market in Central Asia.

“VEON IN UZBEKISTAN IS TRANSITIONING FROM A TRADITIONAL OPERATOR TO A SCALED DIGITAL PLATFORM WITH NATIONAL REACH.”

HOW WOULD YOU DESCRIBE THE COMPANY’S EVOLUTION AND CURRENT STRATEGIC POSITIONING IN THE COUNTRY?

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Uzbekistan is one of VEON’s most strategic markets, both in terms of scale and long-term potential. Over the past year alone, we have invested over $80 million, underscoring our sustained commitment to the country. We have been present since 2006 and, importantly, have gone through all phases of the market’s evolution.

What has changed fundamentally is our strategic positioning. While we remain one of the leading telecom operators, our ambition today is to evolve into a digital service company anchored by connectivity. The objective is to move beyond infrastructure and become embedded in our customers’ daily lives through a broader ecosystem of services. This shift is already visible in our numbers.

Alongside 7.7 million mobile subscribers, we now reach over 9.3 million digital users, including a significant share of those who are not traditional telecom customers. Our fintech platform has close to 2 million monthly active users, while our streaming service, KINOM, has grown to 1.2 million users, making it one of the leading platforms in its segment. At the same time, we continue to invest heavily in our core infrastructure.

In 2025, we allocated the majority of our investments to network modernisation and IT capacity, resulting in measurable improvements in quality that earned international recognition for network performance. Looking ahead, data infrastructure will be critical. We are developing a new data center in Bukhara and planning a larger facility in the Tashkent region to support both our ecosystem and enterprise demand.

In essence, VEON in Uzbekistan is transitioning from a traditional operator to a scaled digital platform with national reach.

UZBEKISTAN IS A HIGH-GROWTH MARKET. WHAT DIFFERENTIATES IT FROM OTHER COUNTRIES IN THE REGION?

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Uzbekistan combines several structural advantages that are rarely found together. First is its demographic profile: the population is expanding by roughly 700,000 people annually, with nearly 60% under the age of 30. This creates a strong and sustained demand for digital services.

Second, the country has undergone a rapid and credible transformation. The reform agenda has opened the economy, improved the investment climate, and prioritised digital development. Government support for this transition is both consistent and tangible. Macroeconomic dynamics further reinforce this trajectory. We see robust GDP growth, increasing foreign investment, and a steadily improving business environment.

Importantly, these trends are not isolated, they are mutually reinforcing. Another critical factor is the focus on human capital. Investments in education, including partnerships with international institutions, are already translating into a higher-quality talent pool, particularly in technology and engineering. What stands out most, however, is the speed of change.

Having worked across several markets in the region, I would describe Uzbekistan as uniquely dynamic. The transformation is not incremental — it is structural and accelerating, creating opportunities across multiple sectors simultaneously.

AS VEON DIVERSIFIES BEYOND TELECOM, WHAT ARE YOUR KEY PRIORITIES FOR GROWTH IN THE COMING YEARS?

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Our strategy is built on a dual focus: reinforcing the strength of our telecom business while accelerating the expansion of our digital ecosystem. Telecom remains the foundation, accounting for the majority of our revenues. In a highly competitive market, we focus on quality, efficiency, and value per customer, rather than pure scale.

This is reflected in consistent ARPU growth and improved profitability. The most dynamic expansion is in digital services. Two years ago, these accounted for around 4% of revenues; today they represent over 11%, growing at a significantly faster pace and representing a key driver of future value.

We are focused on expanding our platforms, increasing the number of services we offer, and deepening customer interaction. Fintech is a particularly strong area, and we see further potential in adjacent services such as lending and remittances. We are also investing in AI integration across both operations and customer-facing products, as well as in internal capabilities through initiatives such as BuildX, our IT development company, within Uzbekistan's IT Park.

Our objective is to position VEON as a leading digital enabler in Uzbekistan — ultimately delivering on our Group's core purpose: a better life for all. In Uzbekistan, this translates into concrete action: expanding access to digital services, supporting economic inclusion through fintech, and building the infrastructure that enables people and businesses to thrive.