184.3 BRUB

ecosystem revenue in 2024

+16%

increase in customers involved in the ecosystem

17.5 million

ecosystem customers

+47%

growth in participants in the MTS Premium customer loyalty program

Telecom

mts.ru

82.4 million — mobile subscriber base

No. 1 in terms of mobile business revenue and the number of subscribers

No. 2 in the fixed-line market²

+20% — growth of convergent subscribers

MTS Retail Network

No. 1 among telecom retailers

+14% — revenue growth

+38% — user growth (MAU)

Online communication and collaboration services

+68% — user growth (MAU)

Communication services for business

By 14 times — growth of registrations on the platform

¹ According to ONSIDE analytical agency.

² According to TMT Consulting data

³ Omnichannel rating of retailers in 2024

⁴ Unless otherwise indicated, figures for 2024, base at the end of 2024, growth in 2024 against 2023

MTS Media Holding

A video streaming service and entertainment content provide

10.3 million users

No. 5 by revenue in the Russian online cinema market (reported by TMT consulting)

No. 5 among online cinemas by total subscribers (according to GfK)

KIONFILM — production of original content

Development of entertainment projects:
managing a network of concert venues in Moscow and the regions, MTS Live, Ticketland, and Ticketscloud ticket services, producing concerts, exhibitions, theater productions, and other proprietary events

800 thousand visitors to their own events for the year

Launch of the Theater on Tsvetnoy

Launch of the MTS Live Hall for 1,450 viewers in Nizhny Novgorod

A streaming service for listening to music

Is among the top 3 streaming services in Russia

+268% growth in MAU users (4Q24 to 4Q23)

+103% growth in DAU users (4Q24 to 4Q23)

A full-service music company responsible for working with artists using the 360 mode

+67.5% —+increase in the catalog volume

894 million listeners, increase of 600%

A book service

250 thousand works in the catalog

Twofold growth of the active audience

Fintech

mtsbank.ru

127.9 BRUB — bank’s income

3.5 million Bank customers

+20% — growth of the consumer loan portfolio

In 1.5 times — growth of individuals’ current account volume

Financial services, investments, trust management

MTS Web Services (MWS)

mws.ru

No. 1 in providers’ rating IaaS Enterprise 2024 (CNews)

No. 5 on the cloud infrastructure service market (IaaS+PaaS) (iksconsulting.ru)

> 5000 customers build business on CloudMTS solutions

+31% — revenue growth from cloud business in general

CDN (Content Delivery Network) — in-house quick content delivery network has been expanded in 2.5 times

MTS Cloud

MTS Digital

Big Data

AI

urent.ru

Electric scooter, bicycle and powerbank sharing service

7.6 million unique service users

No. 1 by trips in the Moscow region, integration with mos.ru in Moscow

187 locations — the geography of the service

150 thousand scooters — a fleet of scooters in Russia

AdTech

Advertising technologies of MTS

2x growth in multichannel revenue for key customers in Q4 2024

2x growth in the number of unique contracts in Q4 2024

2x growth in the number of registered and confirmed customers in Q4 2024

>470 thousand advertising campaigns in Telegram Ads for the year

MTS Marketer

A platform for self-launching targeted mailings and advertising in Telegram Ads based on MTS Big Data

MTS ADS

A comprehensive platform solution for promoting large businesses

Marketer PRO

A professional platform for agencies and advertisers

MTS OmniChannel

A service for mass mailing of messages on its own database for large and medium-sized businesses via SMS, push, e-mail, Viber, VK, Ok, chat center, chatbots

MediaScout

A service for transmitting digital advertising data to Roskomnadzor in accordance with the requirements of Russian legislation

MTS Belarus

No. 1

in revenue and number of subscribers in Belarus

2024 Highlights

Record revenue and debt

By the end of 2024, MTS received about 704 BRUB in revenue, which is a record figure in the Company’s 31-year history. MTS revenues are growing at double-digit rates mainly due to successful results in the B2B telecommunications business, MTS Fintech and MTS AdTech. High interest rates continue to put pressure on profit margins, but the Company’s management is making every effort to offset the negative effects. The Company maintains its debt burden at a stable level.

Improving the efficiency

An important stage in the group’s development was the decision to transform the corporate structure and optimize costs. According to the group’s management, ecosystem businesses outside of telecom will focus on the MTS Ecosystem. Separating ecosystem businesses from telecom will create a solid foundation for their further strategic development and improving the quality of corporate governance. Dedicated business verticals will become more independent, manageable, and focused on achieving specific results.

Share repurchase and dividends

MTS PJSC has launched tender offers for holders of the Company’s ordinary shares. As part of the tender, MTS subsidiary Stream Digital LLC completed the purchase of more than 26.2 million shares in the summer of 2024, and another 1.60 million in the fall of the same year.

In April, MTS approved a new dividend policy for 2024–2026, according to which the target dividend yield is at least 35 rubles per share for each year.

Key M&A Deals

January

• MTS has closed a deal to sell 100% of shares of its subsidiary in Armenia, MTS Armenia CJSC.
• MTS became the main shareholder of the kick-sharing business Urentbike.ru (MTS Urent), having bought out the shares of the Company’s founders.

November

• MTS acquired a controlling stake in the developer of video conferencing solutions Vinteo.

December

• MTS acquired the Getblogger platform to strengthen the advertising business
• MTS Urent acquired the Belarusian electric scooter development company Eleven

Innovation and Products

April

• Urent 2.0. MTS Urent presented its own electric scooter, which was developed in collaboration with Eleven. The model was named “Urent 2.0”.
• Trading Desk. MTS has launched its own platform for purchasing ads in Telegram Ads. MTS’ new Trading Desk is designed for professional traders. MTS has an exclusive contract with Telegram for targeted advertising in most categories.

May

• DevX. MTS has launched the DevX platform, an integrated development environment, the use of which will increase several times the speed of launching new products and services.

July

• WordPulse. MTS has launched a speech analytics service in all services of the ecosystem.

September

• «Co-pilot». MTS has introduced the “Co-pilot” function based on artificial intelligence (AI) in MTS Link online communication and collaboration services. The assistant can remind you of the results of past online meetings, find the necessary notes, compile summaries of information on a specific topic, and highlight key points of discussions in chat rooms.

November

• MTS summed up the results of the campaign to exchange minutes of conversations for bonus points for Urent scooter rides under Tariff 24. MTS subscribers exchanged more than 10 million minutes for bonus points and traveled more than 2 million km.

December

• Membrana Kids. MTS has launched a wide-scale digital safety space service for children, Membrana Kids. The service is able to protect children from harmful content in real time. The AI built into the solution analyzes every website visited by a child, determines whether it contains unacceptable or potentially dangerous information, and then blocks access to it, if necessary.
• Domestic Base Stations. MTS has announced the launch of domestic base stations. The equipment was developed and manufactured by IRTEYA LLC, a Russian telecom vendor. The architecture of the base stations is based on the concept of open standards Open RAN and the clustering of the radio subsystem, when part of the functionality of the base station is processed in data centers.

Significant Events after the Reporting Date

In January 2025, MTS launched the Membrana mobile application, which allows you to control the filtering of Internet traffic and incoming voice calls, as well as the premium rate for communication. The application provides high-quality protection of the subscriber’s digital footprint through patented high-tech ad blocking tools, profiling and behavior tracking scripts, protection against spam, viruses and unauthorized invasions of privacy. Privacy is ensured simultaneously in two areas — protection of customer data and voice traffic.

In February 2025, the outlines of the new business units were formed and the Board of Directors approved the formation of verticals within the MTS Ecosystem, as well as the management bodies. Inesa Galaktionova was appointed CEO of MTS PJSC, and Rovshan Aliyev became President of MTS Ecosystem.

MTS Ratings

Credit Ratings

In December 2024, the Expert RA Rating Agency confirmed MTS’ credit rating at the ruAAA level. Expert RA identified several factors, based on which MTS retained its credit rating:

• High level of liquidity. Operating flow, together with cash and unused credit facilities, is sufficient to cover interest expenses, upcoming repayments, capital expenditures and dividend payments.
• High level of corporate governance. The Agency notes the high quality of the organization of risk management and strategic planning. MTS also has a high level of information transparency.

In December 2024, the ACRA Rating Agency confirmed MTS’ credit rating at the AAA(RU) level. The Rating Agency has confirmed MTS’ credit rating based on its strong business profile, wide geography of operations, and high-quality corporate governance system. The assessment of the financial risk profile also remains at a high level due to high profitability and liquidity indicators, as well as a low debt burden with an average debt service assessment.

In January 2025, the NCR Rating Agency (National Credit Ratings LLC) confirmed the credit rating of the company and its bond issues at AAA.ru (highest level of creditworthiness) with a stable outlook. When making the decision, the agency relied on several factors:the

• Low systematic risk of MTS’ business profile is due to the stability of the Company’s key markets (provision of communication services) and moderate potential for their growth.
• The Company’s markets in Russia are characterized by high geographical diversification and stable customer base: MTS services are used by a significant proportion of Russian households and enterprises from various sectors of the economy.

Assessment of the financial profile is supported by a moderate debt burden, sufficient margin of safety for debt servicing, high operating profitability, and sufficient liquidity.

Sustainable Development Ratings