07 Aug 2025
VEON 2Q25 Earnings Release: Direct Digital Revenues Up 57% YoY. Solid Execution, Strong Results Dubai, August 7, 2025
VEON 2Q25 Highlights
Total revenue growth of 5.9% YoY to USD 1,087 million (11.2% YoY in local currency terms)
EBITDA growth of 13.2% YoY to USD 520 million (19.6% YoY in local currency terms)
Direct digital revenue growth of 56.6% YoY to USD 180 million ( 62.4% YoY in local currency terms), representing 16.5% of revenues for quarter
Total cash and cash equivalents and deposits of USD 1,283 million, with USD 206 million at headquarters ( HQ ); and gross debt at USD 4,627 million (increased by USD 250 million QoQ), with net debt excluding lease liabilities at USD 1,962 million (increased by USD 152 million QoQ)
LTM Equity Free Cash Flow of USD 611 million, Capex of USD 231 million
VEON Ltd. (Nasdaq: VEON), a global digital operator, announces selected financial and operating results for the second quarter ending June 30, 2025.
For the second quarter, VEON revenues grew 5.9% year-on-year to USD 1,087 million in reported currency (USD). In local currency terms, 2Q25 growth was 11.2% YoY, exceeding the blended weighted average inflation rate in our operating countries of 8.6% in the quarter, showcasing our ability to implement fair pricing and capturing higher consumer wallet share.
VEON's revenue performance was supported by increasingly robust direct digital revenue growth, which rose by 56.6% YoY in reported currency, and by 62.4% YoY in local currency terms. Direct digital revenues comprised 16.5% of total revenues in 2Q25, up from 5.4% a year ago.
EBITDA reached USD 520 million, up 13.2% year-on-year in reported currency and growing 19.6% in local currency terms.
Capex, at USD 231 million for 2Q25, implies a capex intensity of 21.3% for the quarter and LTM capex intensity of 21.4% ( 3.4 p.p. YoY, 18.3% excl. Ukraine) as VEON focused on enhancing network quality and supporting its digital transformation initiatives. Total cash and cash equivalents and deposits as of June 30, 2025 amounted to USD 1,283 million (including USD 326 million related to customer deposits from banking operations in Pakistan) with USD 206 million held at the HQ level. Net debt to EBITDA, excluding lease liabilities, was at 1.32x as of June 30, 2025.
Outlook for 2025
VEON is revising its 2025 outlook and now expects local currency revenue growth of 13% to 15% year-on-year, and local currency EBITDA growth of 14% to 16% year-on-year. The Group's capex intensity for 2025 is expected to remain within the 17% to 19% range.
VEON's third and final phase of its previously announced share buyback program, which commenced on 17 June 2025, was completed on 01 August 2025. VEON acquired 722,588 ADSs for a total consideration of US$35 million as part of this third phase of buyback. With this, VEON has completed its previously announced (01 Aug 2024) US$100 million share buyback program.
Commenting on the results, VEON Group CEO Kaan Terzioglu said:
VEON has continued its strong momentum into the second quarter of 2025, delivering solid results that reflect both disciplined execution and strategic clarity.
We are making rapid progress in our digital operator strategy. We welcomed Uklon to the VEON family in April, marking a strategic milestone and our commitment to expanding our digital services footprint and unlocking new growth opportunities. We deliver innovative and locally relevant digital services that enhance our customers' lives every minute of the day. Together, these strategies position VEON as a frontrunner in digital transformation across frontier markets.
Looking ahead, our teams continue to execute with discipline, and the underlying demand across our markets remains robust. Consequently, we are revising our outlook for 2025 and now expect local currency revenue growth of between 13% to 15% year-on-year and local currency EBITDA growth of between 14% to 16% year-on-year. Capex intensity for 2025 is expected to remain within the range of 17% to 19%. We continue to focus on disciplined execution and innovation to deepen customer impact and enhance long-term shareholder value creation.
Additional information
View the full 2Q25 Earnings Release
View 2Q25 Results Presentation
View 2Q25 Factbook
2Q25 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-2q-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 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 nearl
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