VEON 3Q25 Highlights
Total revenue growth of 7.5% year-on-year (“YoY”) to USD 1,115 million. EBITDA growth of 19.7% YoY to USD 524 million
Direct digital revenue growth of 63.1% YoY to USD 198 million, representing 17.8% of Group revenue. Financial services revenues grew 32.6% to $107.5m
Total cash, cash equivalents and deposits of USD 1,666 million, including USD 653 million at Headquarters; net debt excluding lease liabilities of USD 1,729 million
LTM Equity Free Cash Flow of USD 584 million; capex of USD 223 million; LTM capex intensity 21.6% (17.7% excluding Ukraine)
VEON is raising its full-year 2025 EBITDA outlook to 16-18% in LCY terms (from 14-16% earlier) to reflect the strong operational momentum.
SIGNIFICANT DEVELOPMENTS
VEON’s Board of Directors has authorized buyback programs for up to USD 100 million of the Company’s ADSs and/or outstanding bonds.
VEON has mitigated the material uncertainty previously raised about its ability to continue as a going concern. Management now concludes that substantial doubt no longer exists.
Kyivstar Group’s listing unlocked significant value with its current market valuation equal to 2.3 times VEON’s book value for the asset at time of listing. VEON’s 89.6% stake is valued at USD 2.5 bn, based on the November 7 closing price of USD 12.16 for the Kyivstar Group.
VEON signed a non-exclusive global framework agreement with Starlink, becoming the first operator with a multi-country Direct-to-Cell partnership. Kyivstar has completed successful tests, and is preparing for a nationwide rollout subsequent to regulatory approvals. Beeline Kazakhstan is also advancing Direct-to-Cell plans, targeting messaging in 2026 and data thereafter.
VEON Ltd , the Dubai-headquartered global digital operator that provides converged connectivity and online services, announces selected unaudited financial and operating results for the third quarter ended September 30, 2025.
VEON reported Q3 2025 revenue of USD 1,115 million (+7.5% YoY USD) and EBITDA of USD 524 million (+19.7% YoY USD). Digital revenues grew 63% YoY and accounted for 17.8% of total revenue, while the EBITDA margin expanded to 47.0%. The Group reduced leverage to 1.13x, maintained USD 1.7 billion in liquidity, and raised its EBITDA outlook for 2025.
In 3Q25, VEON delivered 7.5% YoY growth in revenues and a 19.7% increase in EBITDA. Total revenues for the quarter reached USD 1,115 million. This performance was supported by resilient telecom and infrastructure trends and accelerating growth in direct digital revenues, which rose 63.1% YoY in USD terms, and accounted for 17.8% of total revenues in 3Q25.
EBITDA for the quarter was USD 524 million, representing a 19.7% YoY increase. The EBITDA margin improved by 480 basis points YoY to 47.0%, reflecting scale efficiencies and continued cost discipline. Group Capex was USD 223 million in 3Q25, implying LTM capex intensity of 21.6% (17.7% excluding Ukraine), and reflects VEON’s sustained network-modernization and digital-infrastructure investments across its markets.
As of September 30, 2025, total cash, cash equivalents and deposits stood at USD 1,666 million (including USD 282 million in customer deposits from banking operations in Pakistan), with USD 653 million held at HQ. Net debt to LTM EBITDA, excluding lease liabilities, stood at 1.13x (1.32x as of June 30, 2025), reflecting the successful completion of a USD 200 million bond issuance and the receipt of cash proceeds from the listing of Kyivstar Group Limited. (“Kyivstar Group”) and the sale of VEON’s Kyrgyzstan operations during the quarter.
In addition to strategic progress like the listing of Kyivstar and the sale of Beeline Kyrgyzstan, VEON has completed the process of making JazzCash a standalone company that can now operate independently within the Group. In parallel, the Group advanced its AI1440 strategy, embedding locally trained large-language-model capabilities within select digital platforms to drive inclusive AI innovation across its markets.
VEON is revising its EBITDA outlook for 2025 and now expects local currency EBITDA growth of 16% to 18% year-on-year. VEON continues to expect local-currency revenue growth of 13% to 15% year-on-year. For 2025, we now expect total revenue growth in USD terms of 7% to 8% YoY and EBITDA growth in USD terms of 10% to 11% YoY, assuming current FX rates. VEON expects capex intensity for 2025 (excluding Ukraine) to remain within the 17% to 19% range.
VEON’s Board of Directors has authorized a buyback program for up to USD 100 million of the Company’s ADSs and/or outstandings bonds. Allocation between the two will be determined by prevailing market conditions. VEON may choose to allocate the USD 100 million either wholly to the ADS buyback or wholly to bonds buyback, or may choose to split the USD 100 million between the two buyback programs. The buybacks, if any, will be conducted on the open market pursuant to a 10b5-1 plan signed with a registered broker-dealer, and in compliance with Rule 10b-18.
Commenting on the results, VEON Group CEO Kaan Terzioglu said: “Our third-quarter performance once again demonstrates the resilience and strength of VEON’s Digital Operator model. We delivered strong revenue and EBITDA growth, supported by robust margins across our markets. Our digital businesses continue to accelerate as customer engagement grows across our digital platforms. Our focus on digital services, customer engagement, and operational excellence continues to drive VEON’s strong growth and financial performance.
“During the quarter, we also advanced key strategic initiatives, including the landmark listing of Kyivstar Group on the Nasdaq and the establishment of JazzCash as a standalone entity. These milestones reflect our ongoing focus on growth and value realization— initiatives that further strengthen VEON’s strategic foundation and position us for sustained growth and value creation.
“Looking ahead, we remain confident in VEON’s trajectory and optimistic about the opportunities before us. With strong momentum in our core businesses, an expanding portfolio of digital services, and a disciplined capital allocation policy VEON is well positioned to continue delivering growth and create long-term value for our shareholders, customers, and communities.”
