VEON Ltd. Earnings Recaps
Q3 2025
Nov 12, 2025
VEON reported robust Q3 2025 results, achieving a 7.5% increase in revenues and a 19.7% rise in EBITDA year-on-year, while transitioning to a leading digital operator in its markets.
Key takeaways
- Monthly digital service users have now surpassed telecom SIM card users for the first time, reflecting significant digital adoption and growth potential.
- Direct digital revenues surged 63%, contributing 17.8% to total group revenues; financial services account for 54% of total digital revenue.
- The company's fiscal year 2025 EBITDA outlook has been raised to 16-18% growth in local currency, up from the previous guidance of 14-16%.
- A strategic asset-light approach led to the sale of Kyrgyzstan operations and plans for direct satellite connectivity through a partnership with Starlink.
- VEON approved a $100 million share and/or bond repurchase program, underscoring confidence in growth prospects and shareholder value.