We would like to bring to your attention the Annual Report of MTS PJSC¹ following the results of 2024.

¹ In this Annual Report, the terms “MTS PJSC”, “MTS” and the “Company” should be understood as Mobile TeleSystems Public Joint Stock Company, and the terms the “MTS Group”. “Group” should be understood as a group of companies consisting of MTS PJSC and its subsidiaries. The figures contained in this Annual Report are as of December 31, 2024, unless other periods or dates are expressly indicated.

Purpose of the 2024 Annual Report

The MTS Annual Report is a tool of our openness and transparency that allows making investors, shareholders, customers and other stakeholders aware of the important solutions and Company operation results. It is also one of our mechanisms for internal evaluation of effectiveness and efficiency of the management processes and product offers, which allows us to maintain a high level of resilience to the arising challenges, competitiveness and market leadership.

The Report provides consolidated information on the main results of the Company’s business in accordance with its strategic goals and objectives for the short, medium and long run.

Key topics of the Report

As part of the Annual Report, we inform stakeholders about the status and prospects of our business. We strive to provide comprehensive and unbiased information about the Company, the environment where we operate, a general situation in the markets of our presence and the trends that we observe there. Our primary goal is to help shareholders understand the specifics of our business, our strategic priorities and demonstrate the results of yearly operations in the context of the strategy implementation. Thus, we contribute to correct assessment of the risks and benefits of investing in MTS and, as a result, to informed investment decisions made by the market participants.

In 2024, MTS embarked on an important transition to a new ecosystem business unit management system. If in previous years MTS actively increased the volume of business in ecosystem verticals and sought synergies between assets, by the end of the reporting year the Company had identified the main outlines of its structural divisions that would be formed as a result of the business transformation. In 2025, MTS will begin to identify separate business units and an organic growth strategy for the verticals in the medium term. The key topic of the report will be the results of work in 2024, as well as the Company’s views on further development in the new format.

The Report has been prepared in accordance with the statutory requirements of the Russian Federation, as well as the regulatory requirements applicable to MTS:

• Federal Law dated December 26, 1995 No. 208-FZ “On Joint Stock Companies”;
• Regulations of the Bank of Russia dated March 27, 2020 No. 714-P “On Information Disclosure by Issuers of Equity Securities”;
• recommendations of the Corporate Governance Code approved by the Board of Directors of the Bank of Russia on March 21, 2014.

In addition, when preparing the Annual Report, we were guided by international standards and best practices in the area of public annual reporting.