Operator

Hello, and welcome to VEON's Q1 '26 Results Presentation. [Operator Instructions] As a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.

Anand Ramachandran, you may begin.

Anand Ramachandran
Chief Corporate Development Officer

Thank you. Good morning and good afternoon to everyone joining us for VEON's first quarter results. My name is Anand Ramachandran, Chief Corporate Development Officer at VEON. Joining me today are our Group CEO, Mr. Kaan Terzioglu, and next to him, our Group CFO, Mr. Burak Ozer. As usual, Kaan will begin with our strategic and operational highlights, followed by Burak with a review of our financial performance, and we'll then open up the call for Q&A.

Before we begin, please note that today's presentation contains forward-looking statements, which involve risks and uncertainties. Further details are available in all our SEC filings, including our Form 20-F. Our earnings release and presentation are available on our Investor Relations website.

With that, let me hand it over to Kaan.

Muhterem Terzioglu
Group CEO & Director

Thank you, Anand. VEON has entered 2026 with clear momentum, double-digit growth, accelerating digital revenues, stronger cash generation and continued capital returns. Revenues in U.S. dollars grew 17% year-on-year. EBITDA increased 17.7%, and margins expanded by 20 basis points. Importantly, this growth translated into strong cash generation with equity free cash flow up 73.4% year-on-year to $246 million. This performance reflects the strength of our digital operator strategy, combining resilient connectivity, fast