VEON Ltd. Q3 2025 Earnings Recap

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.