Initiative aims to fast-track digital infrastructure, unlock scalable AI adoption, and underpin sustainable long-term economic growth in Ukraine.

Dubai, Kyiv, and New York, June 26, 2026 – VEON Ltd. (NASDAQ:VEON), a global digital operator and the parent company of Kyivstar Group Ltd. (NASDAQ:KYIV, KYIVW)), today announced that Kyivstar has signed a Memorandum of Understanding (MoU) with the Ministry of Economy of Ukraine to advance the development of Ukraine’s digital infrastructure and economy. The collaboration includes exploring the establishment of a sovereign, AI-ready data center in Ukraine, with VEON expected to support implementation through its financial backing and global expertise.

The MoU was signed at the 2026 Ukraine Recovery Conference in Gdańsk, co-hosted by Poland and Ukraine, underscoring international commitment to Ukraine’s reconstruction and long-term growth. The initiative is aimed at developing next-generation computing infrastructure, strengthening Ukraine’s technological sovereignty in artificial intelligence, and catalyzing both domestic and international investment into the country’s digital economy.

The proposed facility would be a sovereign AI data center, keeping critical data processing and storage within Ukraine. That matters for sensitive sectors such as public administration, financial services, defense technology, and research and development. By enabling secure, in-country data capacity aligned with national regulatory and security frameworks, the project would strengthen resilience, safeguard critical information, and open new innovation opportunities.

"The development of domestic AI infrastructure is an important step in strengthening Ukraine’s economic resilience and technological independence," said Oleksii Sobolev, Minister of Economy of Ukraine. "We see strong potential in initiatives that enable secure, sovereign data processing capacity within the country, supporting both public sector modernization and private sector innovation."

"Ukraine is showing the world what a digital economy built for resilience looks like," said Kaan Terzioglu, Chief Executive Officer of VEON Group. "Sovereign AI infrastructure keeps a country’s most important data and capabilities at home, where they create the most value for its people and its economy. Through our AI1440 strategy, we are bringing augmented intelligence into everyday life across our markets, and supporting this data center is a natural extension of that commitment in Ukraine."

"The development of artificial intelligence is already creating a new level of demand for computing infrastructure, and its practical use is expanding rapidly in everyday services," said Oleksandr Komarov, President of Kyivstar Group. "This reinforces the need for countries to build local AI infrastructure to stay competitive globally, and we are focused on advancing this in Ukraine. Kyivstar has long partnered with the government to develop Ukraine’s digital infrastructure, consistently investing in networks, technologies, and expertise. As we explore this project, Kyivstar would aim to fund and phase any investment within our existing capital expenditure plans, maintaining our capital allocation discipline."

Hosting an AI data center in Ukraine would minimize data transmission latency and support the fast operation of AI solutions, particularly important where response time is critical, including industrial facilities, robotic systems, and real-time services. Under the MoU, Kyivstar has expressed its intention to explore investment in the country’s AI computing market while continuing to support its broader economy.

About VEON

VEON is a digital operator that provides connectivity and digital services to over 150 million connectivity and more than 228 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 Kyivstar Group Ltd.

Kyivstar Group Ltd. ("Kyivstar") is a Nasdaq-listed holding company that operates JSC Kyivstar, Ukraine’s leading digital operator and the first Ukrainian company to list on a U.S. stock exchange. Kyivstar’s companies provide a broad range of connectivity and digital services, including mobile and fixed-line voice and data, ride-hailing, e-health, digital TV, and enterprise solutions such as Big Data, cloud, and cybersecurity. For more information, please visit https://investors.kyivstar.ua.

Forward-Looking Statements

This release contains "forward-looking statements," as the phrase is defined in 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, including in relation to VEON or Kyivstar’s potential investments in Ukraine.

Kyivstar Signs MoU with Ukraine’s Ministry of Economy to Accelerate AI Infrastructure and Digital Growth