15 May 2025
VEON 1Q25 Earnings Release: Strong Start to 2025, Digital Revenues Surge 50%, Driving Growth Dubai, May 15, 2025
VEON 1Q25 Highlights
Total revenue growth of 8.9% YoY to USD 1,026 million (12.9% YoY in underlying local currency terms)
EBITDA growth of 13.7% YoY to USD 439 million (10.4% YoY in underlying local currency terms)
Direct digital revenue growth of 50.2% YoY to USD 147 million ( 54.3% YoY in local currency terms), representing 14.3% of revenues for quarter
Total cash and cash equivalents and deposits of USD 1,775 million, with USD 662 million at headquarters ( HQ ); and gross debt at USD 4,377 million (decreased by USD 4 million QoQ), with net debt excluding lease liabilities at USD 1,810 million (decreased by USD 91 million QoQ)
LTM Equity Free Cash Flow of USD 387 million, Capex of USD 135 million
VEON Ltd. (Nasdaq: VEON), a global digital operator, announces selected financial and operating results for the first quarter ended March 31, 2025.
In 1Q25, VEON achieved an 8.9% year-on-year growth in USD revenues and a 13.7% YoY growth in USD EBITDA. Despite the declining blended weighted average inflation rates in our operating countries (from 11.9% in 1Q24 to 7.6% in 1Q25), VEON continued to show strong revenue growth, with a 12.9% YoY increase in underlying local currency terms. Total revenues reached USD 1,026 million for 1Q25.
Growth was underpinned by robust direct digital revenue growth, which grew by 50.2% YoY in reported currency, and by 54.3% YoY in local currency terms. EBITDA for the quarter was USD 439 million, representing a 13.7% year-on-year increase in reported currency and a 10.4% increase in underlying local currency terms. The underlying growth reflects adjustment to 1Q24 for certain identified items including the impact of the cyberattack in Ukraine and the deconsolidation of the TNS Plus LLP ( TNS ) business in Kazakhstan on 1Q24 EBITDA base.
Capex in 1Q25 increased 8.3% YoY to USD 135 million and implies LTM capex intensity of 20.4% ( 2.2 p.p. YoY, 17.9% excl. Ukraine). Total cash and cash equivalents and deposits as of March 31, 2025 amounted to USD 1,775 million (including USD 303 million related to customer deposits from our banking operations in Pakistan and excluding USD 30 million in Ukrainian sovereign bonds that are classified as investments) with USD 662 million held at the HQ level. Net debt to LTM EBITDA, excluding lease liabilities, declined to 1.23x (from 1.34x as of December 31, 2024).
Outlook for 2025
VEON affirms its 2025 outlook and expects underlying local currency growth for total revenue of between 12% and 14% year-on-year, and underlying EBITDA growth of between 13-15% year-on-year. VEON's 2025 outlook for the Group's capex intensity is in the range of 17%-19%.
On March 25, 2025, VEON commenced the second phase of its previously announced share buyback program with respect to the Company's American Depositary Shares ( ADS ) in an amount of USD 35 million. As of May 13, 2025, the Company has acquired 520,366 ADSs for a total consideration of US$23.2 million as part of this second phase of buyback.
Commenting on the results, VEON Group CEO Kaan Terzioglu said:
VEON has started 2025 with strong momentum and delivered solid results that reflect both disciplined execution and strategic clarity.
We are making rapid progress in our digital operator strategy. Our direct digital revenues rose by 50.2%, reaching USD 147 million and now account for 14.3% of Group revenues, up from 10.4% a year ago. We are delivering innovative and locally relevant digital services that enhance our customers' lives every minute of the day - from financial services and healthcare to entertainment, education, and enterprise applications. This is now complemented by our AI1440 vision, which integrates AI in native languages to truly augment human capabilities, well beyond process optimization. Together, these strategies position VEON as a frontrunner in digital transformation across frontier markets. Looking ahead, we are on track to meet our FY2025 goals and are reaffirming our guidance for underlying local currency growth for total revenue of between 12% and 14% YoY, and underlying EBITDA growth of between 13-15% YoY.
We remain focused on disciplined execution and innovation as we continue to scale impact for our customers and value for our shareholders.
Additional information
View the full 1Q25 Earnings Release
View 1Q25 Results Presentation
View 1Q25 Factbook
1Q25 results conference call
VEON will also host a results conference call with senior management at 16:00 GST (14:00 CET, 8:00 EST) 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-1q-2025-trading-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.
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 sub
Most recent headlines
11/12/2025
Dalet, a leading provider of cloud-native, end-to-end media workflow solutions, ...
28/11/2025
Nadia Fall attends the 2025 Sundance Film Festival premiere of Brides at the Egyptian Theatre on January 24, 2025, in Park City, Utah. (Photo by Donyale West/...
28/11/2025
It's easy to ignore those little red update available badges. But when it ...
28/11/2025
WASHINGTON Federal Communications Commission has released a tentative agenda for the December Open Commission Meeting scheduled for Thursday, December 18, 2025 ...
28/11/2025
The Professional Fighters League is looking to super-serve fans of mixed martial...
28/11/2025
Fubo has released in beta on select Roku devices a new feature that lets users display up to four simultaneous streams at once....
28/11/2025
The WNBA playoffs and Week 4 of the NFL regular season highlight the list of live sports events airing on television this weekend....
28/11/2025
The 32nd class of honorees to the B+C Hall of Fame took to the stage at New York's Ziegfeld Ballroom on September 26 for a gala induction event. Click below...
28/11/2025
We hold in our hands the very last Next Text for Next TV, the weekly back-and-fo...
28/11/2025
DirecTV said it made a deal with EchoStar to buy EchoStar's video businesses, including satellite-TV provider Dish TV and virtual MVPD Sling TV, for $1 plus...
28/11/2025
The Broadcasting+Cable Hall of Fame, the premier industry event paying tribute to the influencers, innovators and shining lights of broadcast, cable and streami...
28/11/2025
Friday 28 November 2025
Sky Sports x Slawn drop limited-edition football jersey...
28/11/2025
Rohde & Schwarz shows resilience in a challenging environment, revenue exceeds t...
28/11/2025
Unwrapped: The Toy Show Appeal - airing this Sunday on RT One and RT Player- s...
27/11/2025
LONDON Vizrt has added several AI-driven advanced features offering improved speed, intelligence and accuracy in the newest version of its media asset managemen...
27/11/2025
Prime Video has launched AI-powered video season recaps in a beta version for select English-language Prime Original series in the U.S., a move Amazon is callin...
27/11/2025
Back to All News
Netflix's Raat Akeli Hai: The Bansal Murders Marks a Grand...
27/11/2025
27 Nov 2025
GSMA brings M360 Eurasia 2026 to Samarkand in partnership with VEON...
27/11/2025
Tahar Rahim and Izuka Hoyle star in the gripping six-part Sky Original from Acad...
27/11/2025
Thursday 27 November 2025
Sky Arts Reveals the Nation's Greatest Basslines - and Queen Reign Supreme
The UK's most iconic basslines have been revealed...
27/11/2025
Back to All News
Stranger Things 5': Prepare for One Last Adventure With O...
27/11/2025
The media industry has a paradox at its core. It's an industry built on light, color and imagination, yet behind the scenes, it's powered by one of the ...
27/11/2025
Rating reflects rating progress across areas including policies, diversity & inclusion, health & safety and Net Zero leadership
Winchester, UK, 27 November 202...
27/11/2025
What are the industry standards for Retail Media? Kathryn explains that certification is based on the IAB Europe Retail Media Measurement Standards and the IAB ...
27/11/2025
World champion boxer and Irish sporting icon Katie Taylor will be in studio this...
27/11/2025
Roblox, one of the world's most popular online gaming platforms for primary ...
27/11/2025
Black Friday is leveling up. Get ready to score one of the biggest deals of the season - 50% off the first three months of a new GeForce NOW Ultimate membership...
26/11/2025
SVG Sit-Down: Prime Video EP Mike Muriano Previews Massive Black Friday Slate Fe...
26/11/2025
A cinematic snow sculpture at the 1995 Sundance Film Festival. Photo by Randall Michelson...
26/11/2025
Book podcasts are booming. On Spotify, you'll find everything from celebrity book clubs to deep dives with bestselling authors. And in markets where audiobo...
26/11/2025
Mumbai, November 24, 2025: In a first-of-its-kind initiative, JioStar, in collab...
26/11/2025
LONDON Factual content producer ITN Productions has launched a new low-latency IP gallery for news bulletins....
26/11/2025
MIAMI TelevisaUnivision said it struck a new multiyear distribution agreement with YouTube TV that includes distribution of TelevisaUnivision's U.S. network...
26/11/2025
OpenDrives, Inc., a leader in software-defined data storage and data services, today announced the launch of the Atlas Corporate Creative Solution. This new Atl...
26/11/2025
Disguise, the industry-leading company powering the world's biggest live performances, is partnering with pioneering LED wall manufacturer DVS to give atten...
26/11/2025
HighField AI, the pioneer in agentic and multimodal automation for broadcast and media production, today announced the expansion of its global channel partner n...
26/11/2025
As high-stakes Premier League fixtures approach and additional premium content launches, with MONO positioning themselves to dominate Thailand's sports stre...
26/11/2025
Hosting a wide variety of events from high-intensity NHL games to complex live music concerts and major entertainment productions, Montreal's 21,000 capacit...
26/11/2025
Vizrt, the leader in live production technology revolutionizing viewer engagement and experience, releases AI-driven advances focusing on speed, intelligence, a...
26/11/2025
ITN Productions, an award-winning factual content producer, today launched a new low-latency IP gallery for news bulletins. Responsible for delivering a leading...
26/11/2025
Ikegami reports ongoing advances throughout 2025 in developing and delivering coordinated television production solutions that maximize quality, versatility and...
26/11/2025
Following the Nov. 21 blackout of NBCUniversal channels on Fubo, the two sides have traded barbs about their inability to reach a new carriage deal....
26/11/2025
LONDON As TV sports rights become increasingly important for both broadcasters and streamers, Ampere Analysis predicts global investment in the genre will surpa...
26/11/2025
LOS ANGELES Vubiquity said it has achieved the Amazon Web Services (AWS) Media & Entertainment Competency as part of the AWS Partner Network (APN). This designa...
26/11/2025
WASHINGTON The Federal Communications Commission's Enforcement Bureau said it has entered into a consent decree with Comcast calling for the cable company t...
26/11/2025
Berklee Named to the Hollywood Reporters Top Music Schools List The publication highlights the college's screen scoring program, industry partnerships, and ...
26/11/2025
Back to All News
Animated Series Love Through a Prism' Casts New Light on ...
26/11/2025
Back to All News
NALIP Unveils Fifth Cohort of Director Incubator
Social Impact
26 November 2025
United States
Link copied to clipboard
The National Assoc...
26/11/2025
YouView Achieves Greenly Gold Certification for SustainabilityNov 26, 2025
YouView is proud to announce a Gold Certification award from Greenly for our perform...
15 May 2025
