13 Mar 2026VEON Delivers Record Digital Growth: 4Q25 Digital Revenues Grow 84% to 20.1% of Total, Driving 17% Revenue and 29% EBITDA Growth in 4Q25 Dubai and New York, March 13, 2026 - VEON Ltd. (NASDAQ: VEON), a global digital operator, today announced strong financial and operating results for the fourth quarter and full year ended December 31, 2025.
Key Highlights - Fourth Quarter 2025
Total revenue grew 17.4% year-on-year ( YoY ) to USD 1,171 million.
EBITDA increased 29.1% YoY to USD 527 million, with EBITDA margin expanding 410 bps to 45.0%.
Digital revenues grew 84.1% YoY to USD 235 million, accounting for 20.1% of Group revenue.
Financial services revenues rose 28.1% YoY to USD 120 million.
Key Highlights - Full Year 2025
Total revenue increased 9.9% YoY to USD 4,399 million.
EBITDA rose 18.8% YoY to USD 2,009 million, with EBITDA margin expanding 350 bps to 45.7%.
Digital revenues grew 62.5% YoY to USD 759 million, representing 17.3% of Group revenue. Digital EBITDA was USD 207 million, reflecting an EBITDA margin of 27.3%.
Financial services revenues grew 34.3% YoY to USD 425 million.
Equity free cash flow after leases and licenses reached USD 624 million.
Capex amounted to USD 930 million, with LTM capex intensity of 21.2% (16.6% excluding Ukraine).
Total cash, cash equivalents and deposits stood at USD 1,734 million, including USD 557 million at headquarters.
Net debt (excluding lease liabilities) to EBITDA improved to 1.09x.
Capital Allocation and Strategic Developments
VEON maintained disciplined capital allocation, completing its first USD 100 million buyback program (2.14 million ADSs repurchased), and launching a second program on November 14, 2025 (614.5K ADSs repurchased for USD 32.5 million, plus USD 3 million of 2027 Notes, as of 10 March 2026). VEON has adopted a policy framework targeting at least USD 100 million in annual share repurchases, subject to market conditions and Board approval. VEON intends to implement this framework for future buyback programs upon completion of the current USD 100 million program, with all shares repurchased under such future programs to be cancelled.
In March 2026, VEON reached an agreement with the Dhabi Group regarding historical shareholder claims, and will welcome His Highness Sheikh Nahyan bin Mubarak Al Nahyan, as a shareholder in the Company.
Other milestones include:
Successful secondary public offering of Kyivstar shares, raising USD 140 million net proceeds and expanding the investor base.
Acquisition of Tabletki.ua, Ukraine's leading online healthcare marketplace, for USD 160 million, expanding digital healthcare offerings.
Transfer of VEON's ADS listing to the Nasdaq Global Select Market and inclusion in the S&P Global Broad Market Index and MSCI Ukraine Index.
Ongoing progress toward acquiring TPL Insurance Limited in Pakistan to bolster digital financial services (expected close mid-2026, subject to approvals).
Jazz securing largest allocation with 190 MHz in Pakistan's mobile spectrum auction in March 2026, reinforcing Jazz's network leadership and service innovation
2026 Outlook
For 2026, VEON expects:
Total revenue growth of 9%-12% YoY in USD terms
EBITDA growth of 7%-10% YoY in USD terms
Capex intensity (excluding Ukraine) of 14%-16%
Commenting on the results, VEON Group CEO Kaan Terzioglu said
2025 marked a pivotal inflection point for VEON as a digital operator. For the first time, digital service customers surpassed traditional connectivity subscribers. Resilient core execution, explosive digital growth, especially in financial services, and rigorous cost discipline delivered revenue and EBITDA ahead of forecasts, continuing our track record of keeping the promises we make to investors. Strategic moves like acquiring ride hailing and delivery company Uklon, pharmaceutical and health products marketplace Tabletki.ua, advancing the planned acquisitions of TPL Insurance in Pakistan and classifieds business OLX in Kazakhstan (awaiting regulatory approvals), expanding our Starlink Direct-to-Cell partnership, and strengthening our capital markets profile position us strongly for sustained value creation.
Additional information
View the full FY25 Earnings Release
View FY25 Results Presentation
View FY25 Factbook
FY25 results conference call
VEON will also host a results conference call with senior management at 16:00 GST (13:00 CET, 8:00 ET) today.
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