13 May 2026VEON Delivers Strong Start to 2026 1Q26: Revenue 17.0%, EBITDA 17.7%, Digital Surges 57.7% to 25.2% of Total Revenue
Dubai and New York, May 13, 2026 - VEON Ltd. (NASDAQ: VEON), a global digital operator, today announced strong financial and operating results for the first quarter ended March 31, 2026.
Key Highlights - First Quarter 2026
Total revenue increased 17.0% YoY to USD 1,201 million
EBITDA rose 17.7% YoY to USD 517 million, with EBITDA margin expanding 20 bps to 43.0%
Digital revenues1 grew 57.7% YoY to USD 303 million, representing 25.2% of Group revenue; digital EBITDA was USD 105 million (34.6% margin)
Financial services revenues grew 41.0% YoY to USD 135 million.
Equity free cash flow (after leases and licenses) reached USD 246 million, up 73.4% YoY
Capex amounted to USD 138 million, with LTM capex intensity of 20.4% (15.8% excluding Ukraine)
Total cash, cash equivalents and deposits stood at USD 1,755 million, including USD 457 million at headquarters
Net debt (excluding lease liabilities) to EBITDAaL improved to 1.07x2
1. Revenues from enterprise identity and credentials management services are reported within the Digital Enterprise vertical from 1Q26 (USD 44 million) onwards. Prior periods have been restated accordingly (USD 45 million for 1Q25).
2. USD 464 million relating to banking operations in Pakistan included in Gorup Cash but excluded for calculation of net debt.
Revising up Revenue Outlook for 2026
VEON is revising up its revenue growth guidance for 2026 to 11-14% YoY in USD terms (versus 9-12% earlier), while maintaining EBITDA growth guidance of 7-10% YoY in USD terms. Capex intensity (excluding Ukraine) for FY26 is now expected in the range of 15-17% (earlier 14-16%) to reflect higher capex in Pakistan to leverage recent spectrum wins to stronger data monetisation and revenue growth.
Capital Return and Strategic Developments
VEON's capital allocation framework targets a minimum of USD 100 million in annual share repurchases, subject to prevailing market conditions, liquidity considerations and requisite internal approvals.
Under the current USD 100 million buyback program launched on November 14, 2025, VEON has repurchased 959.3K ADSs for USD 49.6 million and USD 3 million of the 2027 Notes as of May 11, 2026. Including earlier phases of the program first announced in August 2024, VEON has repurchased 3.1 million ADSs for a total consideration of USD 149.6 million. As of March 31, 2026, after giving effect to ADS issuances in March 2024 and subsequent periods, shares and ADSs held by VEON were approximately 6.4% of total shares outstanding.
Management and shareholder alignment remains strong, with leadership owning 1.84% of VEON's ADSs as of March 27, 2026.
Other significant developments include:
The Competition Commission of Pakistan approving VEON's acquisition of a controlling stake in TPL Insurance, with closing targeted for mid-2026. Mobilink Microfinance Bank Limited is progressing its acquisition of Apna Microfinance Bank Limited to scale digital banking and expand financial inclusion in Pakistan, subject to regulatory approvals.
Partnership with StarLink expanding with Banglalink to launch in Bangladesh. Beeline Kazakhstan is readying for launch in 2026 as well. Kyivstar has surpassed 5 million users in Ukraine since launch and has expanded its collaboration with Starlink to resell Starlink broadband internet services and hardware for businesses and public sector institutions.
Jazz secured the largest allocation in Pakistan's March 2026 spectrum auction, acquiring 190 MHz at a total cost of USD 239.5 million, strengthening network capacity and growth.
Commenting on the results, VEON Group CEO Kaan Terzioglu said:
VEON has kicked off 2026 with strong momentum, delivering double-digit growth in both revenue and EBITDA. Digital revenues surged 57.7%, and now account for over a quarter of Group revenue, while core telecom remains resilient with solid ARPU growth and multiplay expansion. We continue to invest in spectrum, digital financial services, and infrastructure, supported by share buybacks and disciplined balance sheet management. Reflecting this performance, we are raising our 2026 revenue outlook and remain confident in delivering sustainable long-term value while proactively managing macro risks.
Additional information
Additional information, including the Earnings Release and the results presentation, is available on VEON's Investor Relations website at https://www.veon.com/investors
1Q26 results conference call
VEON will also host a results conference call with senior management at 16:00 GST ( 8:00 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-1q-2026-results-presentation.open-exchange.net/
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Q&A
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