3Q26: VEON Delivers Double-Digit Growth as Digital Services Reach 27.2% of Revenue

Digital services accounted for 27.2% of revenue, up 5.4 percentage points year over year.

Rhea-AI Summary

VEON (Nasdaq: VEON) reported third-quarter 2026 revenue of USD 1,307 million, up 17.2% year over year, and raised its full-year outlook midpoint. EBITDA, earnings before interest, taxes, depreciation and amortization, rose 10.1% to USD 577 million. Digital revenue grew 45.9% to USD 355 million, representing 27.2% of revenue. Net profit attributable to shareholders was USD 187 million, with diluted earnings per American depositary share (ADS) of USD 2.67.

VEON now expects 2026 revenue growth of 16%–18% and EBITDA growth of 10%–12%, versus 15%–18% and 9%–12% previously. Quarterly free cash flow fell 33.8% to USD 201 million; excluding asset disposal proceeds, it grew 91.8%. Under its 2.9 million ADS buyback program, 1.55 million ADSs were repurchased for USD 112.5 million. Cancellation of 1.08 million ADSs took effect October 20, 2026. Results remain preliminary, subject to unfinished financial closing procedures.

28 points · 1 major

PositiveiHow this balance works

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.2026 revenue growth outlook raised to 16%–18% from 15%–18%, year over year in USD.
• Moderate point3Q26 revenue increased 17.2% year over year to USD 1,307 million.
• Moderate point3Q26 EBITDA increased 10.1% year over year to USD 577 million.
• Moderate point3Q26 digital revenue grew 45.9% year over year to USD 355 million.
• Moderate pointDigital revenue share reached 27.2% in 3Q26, up 5.4 percentage points year over year.
• Moderate point3Q26 digital EBITDA grew 54.5% year over year to USD 128 million, with a 36.0% margin.
• Moderate point3Q26 net profit reached USD 225 million; USD 187 million was attributable to VEON shareholders.
• Moderate point3Q26 telecommunications and infrastructure revenue grew 9.2% year over year to USD 952 million.
• Moderate point3Q26 Financial Services revenue grew 54.2% year over year to USD 166 million.
• Moderate point1.55 million ADSs repurchased for USD 112.5 million under the 2.9 million ADS program. 2.2% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Perfectum acquisition announced in Uzbekistan; VEON says it strengthens Beeline Uzbekistan’s spectrum portfolio.
• Moderate point. Forward-looking: it has not happened yet and may not happen.GigaCloud acquisition announced to expand Kyivstar’s enterprise cloud business and digital ecosystem.
• Moderate point10-year Amdocs agreement signed; VEON says it improves long-term IT cost predictability.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Jungo TV transaction announced to diversify VEON’s digital entertainment business.

14 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.2026 EBITDA growth outlook raised to 10%–12% from 9%–12%, year over year in USD.
• Minor point9M26 revenue grew 17.1% year over year to USD 3,779 million.
• Minor point9M26 EBITDA grew 11.0% year over year to USD 1,645 million.
• Minor point3Q26 diluted earnings per ADS were USD 2.67.
• Minor point3Q26 like-for-like growth was 15.8% for revenue, 9.8% for EBITDA and 2.4% for profit.
• Minor point9M26 like-for-like growth was 16.4% for revenue, 12.3% for EBITDA and 25.5% for profit.
• Minor point3Q26 mobile average revenue per user rose 4.7% year over year to USD 1.8.
• Minor pointMultiplay customers reached 44.7 million, up 2.9% year over year, generating 4.2x voice-only users’ average revenue.
• Minor point3Q26 digital customers reached 221.1 million, up 8.2% year over year.
• Minor point9M26 Financial Services revenue grew 48.2% year over year to USD 451 million.
• Minor point1.08 million ADSs, representing 1.5% of issued shares, cancelled effective October 20, 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Additional shares acquired under the new buyback program will all be cancelled.
• Minor pointStarlink service launched in Kazakhstan and Bangladesh; subscribers across VEON markets, including Ukraine, exceed 13 million.
• Minor pointDigital banking license approval secured in Bangladesh, where Mukto Pay launched operations in November.

Negative

• Moderate point3Q26 free cash flow fell 33.8% year over year to USD 201 million; excluding disposal proceeds, grew 91.8%.
• Moderate pointKazakhstan payments cooperation remains a five-year memorandum to explore services and national payment infrastructure integration.
• Minor pointFinancial results remain preliminary and subject to change pending completion of financial closing procedures.

News Explained

As of September 30, 2026, VEON reported USD 2,033 million in cash, including USD 755 million at headquarters, alongside 1.05x leverage and a four-year weighted average debt maturity.

Key Figures

Revenue: USD 1,307 million EBITDA: USD 577 million Digital revenue: USD 355 million +5 more

Revenue

USD 1,307 million

3Q26; increased 17.2% YoY

EBITDA

USD 577 million

3Q26; increased 10.1% YoY

Digital revenue

USD 355 million

3Q26; up 45.9% YoY and 27.2% of Group revenue

Diluted earnings per ADS

USD 2.67

3Q26; net profit attributable to VEON shareholders was USD 187 million

Free cash flow

USD 201 million

3Q26; down 33.8% YoY, while FCF excluding asset disposal proceeds grew 91.8%

Revenue growth outlook

16%-18% YoY

2026; previously 15%-18%

EBITDA growth outlook

10%-12% YoY

2026; previously 9%-12%

ADS repurchases

USD 112.5 million

1.55 million ADSs repurchased under the 2.9 million ADS buyback program

Historical Context

1 past event · Latest: Oct 20

1 event

1. Oct 20

   Share buyback

   24h Move

   -2.1%

   VEON cancelled 1.08 million ADSs under its ongoing 3.9% share buyback program.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

ebitda, arpu, capex intensity, free cash flow, +1 more

5 terms

ebitda financial

"EBITDA for the quarter increased 10.1% YoY to USD 577 million."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

arpu financial

"with mobile ARPU increasing 4.7% YoY to USD 1.8"

ARPU, or Average Revenue Per User, measures how much money a company earns, on average, from each of its customers over a set period. It helps investors understand how effectively a business is generating income from its customer base, similar to calculating how much each customer spends at a store. Higher ARPU often indicates stronger sales per customer and better revenue performance.

capex intensity financial

"Capex intensity (excl. Ukraine) outlook maintained at 15% to 17% of revenues."

Capex intensity measures how much a company spends on long‑term physical assets (capital expenditures) for each dollar of revenue or business activity, showing how asset‑heavy its operations are. Think of it like the amount you must regularly invest in a car’s repairs and upgrades compared with how much you drive: higher capex intensity means more cash tied up in maintaining or growing the business, which can reduce short‑term profits but may be needed for future growth.

free cash flow financial

"Free cash flow reached USD 201 million in 3Q26 (-33.8% YoY)"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

View in glossary

leverage ratio financial

"Leverage ratio stood at 1.05x"

Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.

View in glossary

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VEON raises mid-point of 2026 Revenue and EBITDA outlook

Key Highlights 

• Total revenue increased 17.2% YoY to USD 1,307 million. Revenue for 9M26 grew 17.1% YoY to USD 3,779 million.
• EBITDA for the quarter increased 10.1% YoY to USD 577 million. For 9M26, EBITDA grew 11.0% YoY to USD 1,645 million.
• Digital revenue increased 45.9% YoY to USD 355 million, representing 27.2% of Group revenue, up 5.4 percentage points YoY. Digital EBITDA increased 54.5% YoY to USD 128 million, representing 36.0% EBITDA margin.
• Group net profit for the quarter reached USD 225 million, of which net profit attributable to VEON shareholders was USD 187 million, representing diluted earnings per ADS of USD 2.67.
• Free cash flow reached USD 201 million in 3Q26 (-33.8% YoY); excluding asset disposal proceeds, FCF grew 91.8%.
• Mid-point of 2026 guidance raised. Revenue growth outlook now 16%-18% YoY (previously 15%-18%), EBITDA growth outlook now 10%-12% YoY (previously 9% to 12%). Capex intensity (excl. Ukraine) outlook maintained at 15% to 17% of revenues.
• 1.55 million ADSs repurchased (for USD 112.5 million) out of an aggregate 2.9 million ADS buyback program. 1.08 million ADSs (1.5% of issued shares) cancelled effective October 20, 2026. All repurchased shares under program to be cancelled.
• Telecommunications and infrastructure revenue grew 9.2% YoY to USD 952 million in 3Q26, with mobile ARPU increasing 4.7% YoY to USD 1.8, reflecting continued disciplined pricing, customer growth and higher data usage.
• Multiplay customers reached 44.7 million, up 2.9% YoY, and generated 4.2x the ARPU of voice-only users, reinforcing the flywheel between connectivity, digital adoption and revenue growth.
• Digital customers reached 221.1 million in 3Q26, up 8.2% YoY, demonstrating the scale of VEON's digital ecosystem.
• Financial Services revenue grew 54.2% YoY to USD 166 million in 3Q26 and 48.2% YoY to USD 451 million in 9M26. Financial Services customers reached 59.7 million.
• Digital EBITDA climbed 54.5% YoY to USD 128 million, representing 36.0% EBITDA margin. LTM Capex intensity was 6.9%.
• Free cash flow reached USD 201 million in 3Q26 (-33.8% YoY); excluding asset disposal proceeds, FCF grew 91.8%.
• Cash and cash equivalents stood at USD 2,033 million as of September 30, 2026, including USD 755 million at HQ. Leverage ratio stood at 1.05x, with a weighted average debt maturity of 4 years.
• VEON recently launched a new buyback program to repurchase 3.9% of outstanding shares (represented by 2.9 million ADSs)– this follows USD 200 million in cumulative buybacks since August 2024. A first tranche of 1.08m ADSs (1.5% of outstanding shares) were cancelled effective October 20, 2026 in connection with the buyback program. VEON will cancel all additional shares acquired under the new buyback program.
• Announced acquisition of Perfectum in Uzbekistan: advances industry consolidation and materially strengthens Beeline Uzbekistan’s spectrum portfolio.
• Progressed collaboration with Starlink: Service launched in Kazakhstan and Bangladesh. Inclusive of Ukraine, the service now has over 13 million subscribers across VEON’s markets.
• Established VEON’s digital financial services presence in Bangladesh: Secured approval for a digital banking license, while payment services provider Mukto Pay launched operations in November.
• Signed a five-year memorandum of cooperation with the National Bank of Kazakhstan to explore digital payment services and integration with national payment infrastructure in Kazakhstan.
• Strengthened Kyivstar's Enterprise Cloud proposition and digital ecosystem significantly with the announced acquisition of GigaCloud.
• Enhanced long-term IT cost predictability and accelerated Digital Operator model with a 10-year strategic agreement with Amdocs.
• Diversified and strengthened digital entertainment business with announced Jungo TV transaction.

Dubai and New York, Nov 06, 2026 – VEON Ltd. (Nasdaq: VEON) reported results for the third quarter of 2026, delivering 17.2% YoY revenue and 10.1% YoY EBITDA growth and continued expansion of its digital businesses. Digital revenue rose 45.9% YoY, reaching 27.2% of Group revenue, while Digital EBITDA grew 54.5% YoY. On a like-for-like basis, Revenue, EBITDA and profit for the period grew 15.8%, 9.8% and 2.4% respectively for 3Q26, and 16.4%, 12.3% and 25.5% respectively for 9M26. 

“VEON delivered another quarter of double-digit growth, and we are raising the midpoint of our full year outlook," said Kaan Terzioglu, Group CEO of VEON. "Our telecom business continues to perform, and our digital businesses are becoming more profitable as they scale. Each one makes the other stronger. We look forward to showing how we will keep compounding value for years to come at our Capital Markets Day on November 16." 

Telecom & Infrastructure: Sustainable, steady Growth

• Telecommunications and infrastructure revenue grew 9.2% YoY to USD 952 million in 3Q26, with mobile ARPU increasing 4.7% YoY to USD 1.8, reflecting continued disciplined pricing, customer growth and higher data usage.
• Multiplay customers reached 44.7 million, up 2.9% YoY, and generated 4.2x the ARPU of voice-only users, reinforcing the flywheel between connectivity, digital adoption and revenue growth

Digital Platform Scaling Profitably, Generating Cash

• Digital customers reached 221.1 million in 3Q26, up 8.2% YoY, demonstrating the scale of VEON's digital ecosystem.
• Financial Services revenue grew 54.2% YoY to USD 166 million in 3Q26 and 48.2% YoY to USD 451 million in 9M26. Financial Services customers reached 59.7 million.
• Digital EBITDA climbed 54.5% YoY to USD 128 million, representing 36.0% EBITDA margin. LTM Capex intensity was 6.9%.

Strong Cash Generation, Accelerating Capital Returns

• Free cash flow reached USD 201 million in 3Q26 (-33.8% YoY); excluding asset disposal proceeds, FCF grew 91.8%.
• Cash and cash equivalents stood at USD 2,033 million as of September 30, 2026, including USD 755 million at HQ. Leverage ratio stood at 1.05x, with a weighted average debt maturity of 4 years.

Other Significant Developments

• Announced acquisition of Perfectum in Uzbekistan: advances industry consolidation and materially strengthens Beeline Uzbekistan’s spectrum portfolio.
• Progressed collaboration with Starlink: Service launched in Kazakhstan and Bangladesh. Inclusive of Ukraine, the service now has over 13 million subscribers across VEON’s markets.
• Established VEON’s digital financial services presence in Bangladesh: Secured approval for a digital banking license, while payment services provider Mukto Pay launched operations in November.
• Signed a five-year memorandum of cooperation with the National Bank of Kazakhstan to explore digital payment services and integration with national payment infrastructure in Kazakhstan.
• Strengthened Kyivstar's Enterprise Cloud proposition and digital ecosystem significantly with the announced acquisition of GigaCloud.
• Enhanced long-term IT cost predictability and accelerated Digital Operator model with a 10-year strategic agreement with Amdocs.
• Diversified and strengthened digital entertainment business with announced Jungo TV transaction.

VEON is revising up the mid-point of its 2026 outlook

Revised
Previous 

Revenue Growth (YoY, USD)

16%–18%
15%–18%

EBITDA Growth (YoY, USD)

10%–12%
9%–12%

Capex Intensity (excl. Ukraine)

15%-17% (unchanged)
15%–17% 

Additional information

Additional information, including the Earnings Release and the results presentation, is available on VEON’s Investor Relations website at https://www.veon.com/investors 

3Q26 results conference call

VEON will also host a results conference call with senior management at 16:00 GST (7:00 ET) 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-3q-2026-results-presentation.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.  

Join the Conversation Live  

In addition to the webcast, the conference call will also be livestreamed on YouTube. This option allows you to follow the discussion in real time from any device without the need for registration or dial-in details. Simply click here or copy and paste this link to the address bar of your browser: https://www.youtube.com/watch?v=gNSGrwWfmAI 

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 nearly 152 million connectivity and more than 221 million digital users. Operating across five countries that are home to more than 6% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com.  

Notice to reader

VEON's results and other financial information presented in this document are preliminary and subject to financial closing procedures that have not yet been completed, and are, therefore, subject to change.  

This document contains “forward-looking statements”, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by words such as “may,” “will,” “expect,” “plan,” “anticipate,” “potential,” “continue,” and other similar words. Forward-looking statements include statements relating to, among other things, VEON’s plans to implement its strategic priorities, operating model and development plans; VEON's ability to achieve anticipated performance results; VEON’s intended expansion of its digital experience; VEON’s assessment of the impact of the war in Ukraine, including recent escalations, on its current and future operations and financial condition; VEON’s assessment of the impact of political instability in Bangladesh; future market developments and trends; operational and network development and network investment; spectrum acquisitions and renewals; the effect of the acquisition of additional spectrum on customer experience; VEON’s ability to realize the acquisition and disposition of any of its businesses and assets as well as the impact of the consolidation of such newly acquired business and assets, like Tabletki, into VEON’s financials and results of operations; VEON’s ability to execute its strategic transactions in the timeframes anticipated, or at all; VEON’s ability to realize financial improvements; VEON’s ability to realize its share buyback and cancellation targets; and VEON’s ability to realize its targets and commercial initiatives in its various countries of operation. While the forward-looking statements included in this document are based on management’s best assessment, there are numerous risks and uncertainties that could cause VEON’s actual results, plans and objectives to differ materially from those expressed, such as those risks discussed in the section entitled “Risk Factors” in VEON’s 2025 Form 20-F filed with the SEC on March 16, 2026 and other public filings made by VEON with the SEC. The forward-looking statements speak only as of the date hereof and we disclaim any obligation to update them, except to the extent required by law. 

See “Disclaimer and Notice to Readers” in our full 3Q26 Earnings Release for a more fulsome description of the above. 

Contact Information

VEON

Investor Relations

ir@veon.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is VEON’s revised 2026 growth outlook?

VEON now expects revenue growth of 16%–18% and EBITDA growth of 10%–12%, year over year in USD. The previous ranges were 15%–18% and 9%–12%, respectively. Its capital expenditure intensity outlook, excluding Ukraine, remains unchanged at 15%–17% of revenues.

How much did VEON’s digital business grow in 3Q26?

VEON’s digital revenue grew 45.9% year over year to USD 355 million in 3Q26. Digital services represented 27.2% of Group revenue, up 5.4 percentage points year over year. Digital EBITDA increased 54.5% to USD 128 million, representing a 36.0% margin.

What were VEON’s cash and leverage levels at September 30, 2026?

VEON held USD 2,033 million in cash and cash equivalents at September 30, 2026, including USD 755 million at headquarters. Its leverage ratio stood at 1.05x, and weighted average debt maturity was 4 years.