VEON Raises 2025 Outlook, Robust Revenue and EBITDA Momentum, Direct Digital Revenue up 63% YoY
VEON Raises 2025 Outlook, Robust Revenue and EBITDA Momentum, Direct Digital Revenue up 63% YoY
Dubai, November 10, 2025
VEON 3Q25 Highlights
- Total revenue growth of 7.5% year-on-year ("YoY") to USD 1,115 mn. EBITDA growth of 19.7% YoY to USD 524 mn
- Direct digital revenue growth of 63.1% YoY to USD 198 mn, representing 17.8% of Group revenue. Financial services revenues grew 32.6% to $107.5 mn
- Total cash, cash equivalents and deposits of USD 1,666 mn, including USD 653 mn at Headquarters; net debt excluding lease liabilities of USD 1,729 mn
- LTM Equity Free Cash Flow of USD 584 mn; capex of USD 223 mn; LTM capex intensity 21.6% (17.7% excluding Ukraine)
- VEON is raising its full-year 2025 EBITDA outlook to 16-18% in LCY terms (from 14-16% earlier) to reflect the strong operational momentum
SIGNIFICANT DEVELOPMENTS
- VEON's Board of Directors has authorized buyback programs for up to USD 100 mn of the Company's ADSs and/or outstanding bonds.
- VEON has mitigated the material uncertainty previously raised about its ability to continue as a going concern. Management now concludes that substantial doubt no longer exists.
- Kyivstar Group's listing unlocked significant value with its current market valuation equal to 2.3 times VEON's book value for the asset at time of listing. VEON's 89.6% stake is valued at USD 2.5 bn, based on the November 7 closing price of USD 12.16 for the Kyivstar Group.
- VEON signed a non-exclusive global framework agreement with Starlink, becoming the first operator with a multi-country Direct to Cell partnership. Kyivstar has completed successful tests and is preparing for a nationwide rollout subsequent to regulatory approvals. Beeline Kazakhstan is also advancing Direct to Cell plans, targeting messaging in 2026 and data thereafter.
VEON Ltd. (NASDAQ:VEON), a global digital operator that provides converged connectivity and online services, announces selected unaudited financial and operating results for the third quarter ended September 30, 2025.
VEON reported Q3 2025 revenue of USD 1,115 mn (+7.5% YoY USD) and EBITDA of USD 524 mn (+19.7% YoY USD). Digital revenues grew 63% YoY and accounted for 17.8% of total revenue, while the EBITDA margin expanded to 47.0%. The Group reduced leverage to 1.13x, maintained USD 1.7 bn in liquidity, and raised its EBITDA outlook for 2025.
In 3Q25, VEON delivered 7.5% YoY growth in revenues and a 19.7% increase in EBITDA. Total revenues for the quarter reached USD 1,115 mn. This performance was supported by resilient telecom and infrastructure trends and accelerating growth in direct digital revenues, which rose 63.1% YoY in USD terms, and accounted for 17.8% of total revenues in 3Q25.
EBITDA for the quarter was USD 524 mn, representing a 19.7% YoY increase. The EBITDA margin improved by 480 basis points YoY to 47.0%, reflecting scale efficiencies and continued cost discipline. Group Capex was USD 223 mn in 3Q25, implying LTM capex intensity of 21.6% (17.7% excluding Ukraine), and reflects VEON's sustained network-modernization and digital-infrastructure investments across its markets.
As of September 30, 2025, total cash, cash equivalents and deposits stood at USD 1,666 mn (including USD 282 mn in customer deposits from banking operations in Pakistan), with USD 653 mn held at HQ. Net debt to LTM EBITDA, excluding lease liabilities, stood at 1.13x (1.32x as of June 30, 2025), reflecting the successful completion of a USD 200 mn bond issuance and the receipt of cash proceeds from the listing of Kyivstar Group Limited. ("Kyivstar Group") and the sale of VEON's Kyrgyzstan operations during the quarter.
In addition to strategic progress like the listing of Kyivstar and the sale of Beeline Kyrgyzstan, VEON has completed the process of making JazzCash a standalone company that can now operate independently within the Group. In parallel, the Group advanced its AI1440 strategy, embedding locally trained large-language-model capabilities within select digital platforms to drive inclusive AI innovation across its markets.
VEON is revising its EBITDA outlook for 2025 and now expects local currency EBITDA growth of 16% to 18% YoY. VEON continues to expect local-currency revenue growth of 13% to 15% YoY. For 2025, we now expect total revenue growth in USD terms of 7% to 8% YoY and EBITDA growth in USD terms of 10% to 11% YoY, assuming current FX rates. VEON expects capex intensity for 2025 (excluding Ukraine) to remain within the 17% to 19% range.
VEON's Board of Directors has authorized a buyback program for up to USD 100 mn of the Company's ADSs and/or outstandings bonds. Allocation between the two will be determined by prevailing market conditions. VEON may choose to allocate the USD 100 mn either wholly to the ADS buyback or wholly to bonds buyback, or may choose to split the USD 100 mn between the two buyback programs. The buybacks, if any, will be conducted on the open market pursuant to a 10b5-1 plan signed with a registered broker-dealer, and in compliance with Rule 10b-18.
Commenting on the results, VEON Group CEO Kaan Terzioglu said:
"Our third-quarter performance once again demonstrates the resilience and strength of VEON's Digital Operator model. We delivered strong revenue and EBITDA growth, supported by robust margins across our markets. Our digital businesses continue to accelerate as customer engagement grows across our digital platforms. Our focus on digital services, customer engagement, and operational excellence continues to drive VEON's strong growth and financial performance.
"During the quarter, we also advanced key strategic initiatives, including the landmark listing of Kyivstar Group on the Nasdaq and the establishment of JazzCash as a standalone entity. These milestones reflect our ongoing focus on growth and value realization – initiatives that further strengthen VEON's strategic foundation and position us for sustained growth and value creation.
"Looking ahead, we remain confident in VEON's trajectory and optimistic about the opportunities before us. With strong momentum in our core businesses, an expanding portfolio of digital services, and a disciplined capital allocation policy VEON is well positioned to continue delivering growth and create long-term value for our shareholders, customers, and communities."
Additional information
View the full 3Q25 Earnings Release
View 3Q25 Results Presentation
View 3Q25 Factbook
3Q25 results conference call
VEON will also host a results conference call with senior management at 16:00 GST (13:00 CET, 7:00 ET) today.
To register and access the event, please click here or copy and paste this link to the address bar of your browser: https://veon-3q-2025-earnings-update.open-exchange.net/
Once registered, you will receive registration confirmation on the email address mentioned during registration with the link to access the webcast and dial-in details to listen to the conference call over the phone.
We strongly encourage you to watch the event through the webcast link, but if you prefer to dial in, then please use the dial-in details.
Join the Conversation Live
In addition to the webcast, the conference call will also be livestreamed on YouTube. This option allows you to follow the discussion in real time from any device without the need for registration or dial-in details. Simply click here or copy and paste this link to the address bar of your browser: https://youtube.com/live/Jg3MUnO7mbc?feature=share
Q&A
If you want to participate in the Q&A session, we ask that you select the ‘Yes' option on the ‘Will you be asking questions live on the call?' dropdown. That will bring you to a page where you can join the Q&A room by clicking 'Connect to meeting'.
You will be brought into a zoom webinar where you can listen to the presentation and once Q&A begins, if you have a question, please use the ‘raise hand button' on the bottom of your zoom screen. When it is your turn to speak, the moderator will announce your name as well as sending a message to your screen asking you to confirm you want to talk. Once accepted, please unmute your mic and ask your question.
You can also submit your questions prior the webcast event to VEON Investor Relations at ir@veon.com.
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% 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.
Notice to reader
VEON's results and other financial information presented in this document are preliminary and subject to financial closing procedures that have not yet been completed, and are, therefore, subject to change.
This document 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. Such forward-looking statements include, but are not limited to, statements relating to VEON's future operating results, targets, or financial positions. Forward-looking statements are not historical facts, and are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not anticipate. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. There are numerous risks, uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, such as those discussed in the section entitled "Risk Factors" in VEON's 2024 Form 20-F filed with the SEC on April 25, 2025 and other public filings made by VEON with the SEC. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.
See "Disclaimer and Notice to Readers" in our full 3Q25 Earnings Release for a more fulsome description of the above.
Contact Information
VEON
Investor Relations
ir@veon.com
