VEON 2Q25 Earnings Release: Direct Digital Revenues Up 57% YoY. Solid Execution, Strong Results
VEON (NASDAQ:VEON) reported strong Q2 2025 financial results, with total revenue reaching USD 1,087 million, up 5.9% year-over-year (11.2% in local currency). The company's EBITDA grew 13.2% YoY to USD 520 million, while direct digital revenues surged 56.6% YoY to USD 180 million, now representing 16.5% of total revenues.
The company maintains strong liquidity with USD 1,283 million in total cash and deposits, including USD 206 million at headquarters. VEON has revised its 2025 outlook upward, now expecting local currency revenue growth of 13-15% YoY and EBITDA growth of 14-16% YoY. The company also completed its USD 100 million share buyback program, with the final phase acquiring 722,588 ADSs for USD 35 million.
[ "Revenue growth of 11.2% YoY in local currency, exceeding inflation rate of 8.6%", "Direct digital revenue surge of 56.6% YoY, now representing 16.5% of total revenues", "EBITDA growth of 13.2% YoY to USD 520 million", "Strong liquidity position with USD 1,283 million in cash and deposits", "Completion of USD 100 million share buyback program", "Upward revision of 2025 guidance for both revenue and EBITDA growth" ]VEON (NASDAQ:VEON) ha pubblicato risultati finanziari solidi per il 2° trimestre 2025: i ricavi totali sono saliti a USD 1.087 milioni, +5,9% su base annua (11,2% a valute locali). L'EBITDA è cresciuto del 13,2% annuo, raggiungendo USD 520 milioni, mentre i ricavi digitali diretti sono aumentati del 56,6% YoY a USD 180 milioni, rappresentando ora il 16,5% del fatturato totale.
La società mantiene una solida liquidità con USD 1.283 milioni in contanti e depositi, di cui USD 206 milioni presso la sede centrale. VEON ha rivisto al rialzo le previsioni 2025, prevedendo ora una crescita dei ricavi a valute locali del 13-15% YoY e una crescita dell'EBITDA del 14-16% YoY. È stato inoltre completato il programma di riacquisto azionario da USD 100 milioni, con la fase finale che ha acquisito 722.588 ADS per USD 35 milioni.
- Crescita dei ricavi dell'11,2% YoY in valuta locale, superiore al tasso d'inflazione dell'8,6%
- Ricavi digitali diretti in aumento del 56,6% YoY, ora il 16,5% del totale
- EBITDA in crescita del 13,2% YoY a USD 520 milioni
- Solida liquidità: USD 1.283 milioni in contanti e depositi
- Programma di buyback da USD 100 milioni completato
- Previsioni 2025 riviste al rialzo per ricavi ed EBITDA
VEON (NASDAQ:VEON) presentó sólidos resultados financieros en el 2T 2025: los ingresos totales alcanzaron USD 1.087 millones, un aumento del 5,9% interanual (11,2% en moneda local). El EBITDA creció un 13,2% interanual hasta USD 520 millones, mientras que los ingresos digitales directos se dispararon un 56,6% YoY hasta USD 180 millones, representando ahora el 16,5% del total.
La compañía mantiene una fuerte liquidez con USD 1.283 millones en efectivo y depósitos, incluidos USD 206 millones en la sede. VEON revisó al alza su guidance para 2025, esperando ahora un crecimiento de ingresos en moneda local del 13-15% YoY y un crecimiento del EBITDA del 14-16% YoY. Además, completó su programa de recompra de acciones por USD 100 millones, con la fase final adquiriendo 722.588 ADS por USD 35 millones.
- Crecimiento de ingresos del 11,2% YoY en moneda local, por encima de la inflación del 8,6%
- Incremento de ingresos digitales directos del 56,6% YoY, ahora 16,5% del total
- EBITDA +13,2% YoY hasta USD 520 millones
- Fuerte posición de liquidez: USD 1.283 millones en efectivo y depósitos
- Programa de recompra de acciones de USD 100 millones completado
- Revisión al alza de las previsiones 2025 para ingresos y EBITDA
VEON (NASDAQ:VEON)은 2025년 2분기 견조한 실적을 발표했습니다. 총수익은 1,087백만 달러(USD)로 전년동기 대비 5.9% 증가했으며(현지 통화 기준 11.2%), EBITDA는 전년동기 대비 13.2% 증가한 520백만 달러를 기록했습니다. 직접 디지털 수익은 전년동기 대비 56.6% 급증해 180백만 달러로 총수익의 16.5%를 차지합니다.
현금 및 예금 총액은 1,283백만 달러로 유동성도 견고하며, 이 중 본사 보유액은 206백만 달러입니다. VEON은 2025년 전망치를 상향 조정해 현지 통화 기준 매출 성장률을 13–15% YoY, EBITDA 성장률을 14–16% YoY로 제시했습니다. 또한 1억 달러(USD) 규모의 자사주 매입 프로그램을 완료했으며, 최종 단계에서 722,588 ADS를 35백만 달러에 매입했습니다.
- 현지 통화 기준 매출 성장 11.2% YoY, 인플레이션 8.6% 상회
- 직접 디지털 매출 56.6% 증가, 총매출의 16.5% 차지
- EBITDA 13.2% 증가, USD 520백만
- 현금 및 예금 USD 1,283백만으로 탄탄한 유동성
- USD 1억 자사주 매입 프로그램 완료
- 매출 및 EBITDA에 대한 2025년 가이던스 상향
VEON (NASDAQ:VEON) a publié de solides résultats pour le 2T 2025 : le chiffre d'affaires total a atteint 1 087 MUSD, en hausse de 5,9% en glissement annuel (11,2% en monnaie locale). L'EBITDA a progressé de 13,2% en glissement annuel pour s'établir à 520 MUSD, tandis que les revenus numériques directs ont bondi de 56,6% YoY pour atteindre 180 MUSD, représentant désormais 16,5% du chiffre d'affaires total.
La société conserve une solide liquidité avec 1 283 MUSD de trésorerie et dépôts, dont 206 MUSD au siège. VEON a révisé à la hausse ses prévisions 2025, anticipant désormais une croissance des revenus en monnaie locale de 13–15% YoY et une croissance de l'EBITDA de 14–16% YoY. Le programme de rachat d'actions de 100 MUSD a également été achevé, la phase finale portant sur l'acquisition de 722 588 ADS pour 35 MUSD.
- Croissance des revenus de 11,2% YoY en monnaie locale, supérieure au taux d'inflation de 8,6%
- Revenus numériques directs en hausse de 56,6% YoY, représentant 16,5% du total
- EBITDA en hausse de 13,2% YoY à 520 MUSD
- Position de liquidité solide : 1 283 MUSD en trésorerie et dépôts
- Programme de rachat d'actions de 100 MUSD terminé
- Révision à la hausse des prévisions 2025 pour les revenus et l'EBITDA
VEON (NASDAQ:VEON) meldete solide Zahlen für Q2 2025: die Gesamtumsätze stiegen auf USD 1.087 Mio., ein Anstieg von 5,9% im Jahresvergleich (11,2% in lokaler Währung). Das EBITDA wuchs um 13,2% YoY auf USD 520 Mio., während die direkten Digitalumsätze um 56,6% YoY auf USD 180 Mio. zulegten und nun 16,5% der Gesamtumsätze ausmachen.
Das Unternehmen verfügt über eine starke Liquidität mit USD 1.283 Mio. an Barmitteln und Einlagen, davon USD 206 Mio. am Hauptsitz. VEON hat seine Prognose für 2025 nach oben korrigiert und erwartet nun ein Umsatzwachstum in Lokalwährung von 13–15% YoY sowie ein EBITDA-Wachstum von 14–16% YoY. Das Rückkaufprogramm über USD 100 Mio. wurde abgeschlossen; in der letzten Phase wurden 722.588 ADS für USD 35 Mio. erworben.
- Umsatzwachstum von 11,2% YoY in Lokalwährung, über der Inflationsrate von 8,6%
- Direkte Digitalumsätze steigen um 56,6% YoY und machen 16,5% des Gesamtumsatzes aus
- EBITDA-Wachstum von 13,2% YoY auf USD 520 Mio.
- Starke Liquiditätsposition: USD 1.283 Mio. in Barmitteln und Einlagen
- Abschluss des Rückkaufprogramms über USD 100 Mio.
- Prognose für 2025 für Umsatz und EBITDA nach oben korrigiert
- None.
- Gross debt increased by USD 250 million QoQ to USD 4,627 million
- Net debt increased by USD 152 million QoQ to USD 1,962 million
- Higher capex intensity at 21.4% (+3.4 p.p. YoY)
Insights
VEON reports strong Q2 results with 56.6% digital revenue growth, improving margins, and raised 2025 guidance despite increasing debt.
VEON's Q2 2025 results demonstrate impressive operational execution across multiple fronts. Total revenue reached
The standout metric is VEON's direct digital revenue, which surged
The strategic acquisition of Uklon marks a deliberate expansion of VEON's digital ecosystem. However, this growth-focused strategy comes with increased financial leverage. Net debt excluding lease liabilities increased by
Management's confidence is evident in their upward revision of 2025 guidance, now forecasting local currency revenue growth of
VEON 2Q25 Earnings Release: Direct Digital Revenues Up
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), representing16.5% 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
VEON’s revenue performance was supported by increasingly robust direct digital revenue growth, which rose by
EBITDA reached USD 520 million, up
Capex, at USD 231 million for 2Q25, implies a capex intensity of
Outlook for 2025
VEON is revising its 2025 outlook and now expects local currency revenue growth of
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
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
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 nearly 160 million customers. Operating across six countries that are home to more than
Notice to readers: financial information presented
VEON's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") based on internal management reporting, are the responsibility of management and have not been externally audited, reviewed, or verified. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for any future period.
Notice to readers: impact of the war in Ukraine
The ongoing war in Ukraine and the resulting sanctions adopted by the United States, member states of the European Union, the European Union itself, the United Kingdom, Ukraine and certain other nations, countersanctions and other legal and regulatory responses, as well as responses by our service providers, partners, suppliers and other counterparties, and the other indirect and direct consequences of the war have impacted and, if the war, such responses and other consequences continue or escalate, may significantly impact our results and aspects of our operations in Ukraine and may significantly affect our results and aspects of our operations in the other countries in which we operate. We are closely monitoring events in Ukraine, as well as the possibility of the imposition of further legal and regulatory restrictions in connection with the ongoing war in Ukraine and any potential impact the war may have on our results, whether directly or indirectly.
Our operations in Ukraine continue to be affected by the war. We are doing everything we can to protect the safety of our employees, while continuing to ensure the uninterrupted operation of our communications, financial and digital services.
Disclosure regarding Ukraine Tower Company (UTC) consolidation
The financial results presented for Kyivstar as part of VEON Group’s consolidated Q2 2025 financial statements include the full consolidation of Ukraine Tower Company LLC (“UTC”), consistent with its current ownership and control structure. However, it should be noted that in connection with the anticipated standalone listing of Kyivstar on Nasdaq, the financial disclosures prepared for the listed entity will exclude UTC, as UTC will not be consolidated within the scope of the listed Kyivstar entity at the time of listing.
Disclaimer
VEON's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") and have not been externally reviewed and/or audited. The financial information included in this document is preliminary and is based on a number of assumptions that are subject to inherent uncertainties and subject to change. The financial information presented herein is based on internal management accounts, is the responsibility of management and is subject to financial closing procedures which have not yet been completed and has not been audited, reviewed or verified. Certain amounts and percentages that appear in this document have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, including those in the tables, may not be an exact arithmetic aggregation of the figures that precede or follow them. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the current period or any future period.
This document contains “forward-looking statements”, as the phrase is defined in 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. These forward-looking statements may be identified by words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” 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, including VEON’s growth trajectory and ability to generate sufficient cash flow to meet upcoming obligations; VEON’s intended expansion of its digital experience including through technologies such as artificial intelligence; VEON’s assessment of the impact of the war in Ukraine, including related sanctions and counter-sanctions, on its current and future operations and financial condition; VEON’s assessment of the impact of the political conflict in Bangladesh; future market developments and trends; operational and network development and network investment, including expectations regarding the roll-out and benefits of 3G/4G/LTE networks, as applicable; 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 Uklon into VEON’s financials and results of operations; VEON’s ability to execute its strategic transactions in the timeframes anticipated, or at all ,including VEON's ability to complete the business combination that will result in the listing of Kyivstar on the Nasdaq Stock Market LLC; VEON’s ability to realize financial improvements, including an expected reduction of net pro-forma leverage ratio following the successful completion of certain dispositions and acquisitions; its dividends; and VEON’s ability to realize its targets and commercial initiatives in its various countries of operation.
The forward-looking statements included in this document are based on management’s best assessment of VEON’s strategic and financial position and of future market conditions, trends and other potential developments. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of, among other things: further escalation in the war in Ukraine, including further sanctions and counter-sanctions and any related involuntary deconsolidation of our Ukrainian operations; demand for and market acceptance of VEON’s products and services; our plans regarding our dividend payments and policies, as well as our ability to receive dividends, distributions, loans, transfers or other payments or guarantees from our subsidiaries; continued volatility in the economies in VEON’s markets; governmental regulation of the telecommunications industries; general political uncertainties in VEON’s markets; government investigations or other regulatory actions; litigation or disputes with third parties or regulatory authorities or other negative developments regarding such parties; the impact of export controls and laws affecting trade and investment on our and important third-party suppliers' ability to procure goods, software or technology necessary for the services we provide to our customers, including those that arise as a results of baseline or so called "reciprocal tariffs" imposed in the countries in which we operate; risks associated with data protection or cyber security, other risks beyond the parties’ control or a failure to meet expectations regarding various strategic priorities, the effect of foreign currency fluctuations, increased competition in the markets in which VEON operates and the effect of consumer taxes on the purchasing activities of consumers of VEON’s services.
Certain other factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in VEON’s 2024 Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 25, 2025 and other public filings made from time to time by VEON with the SEC. Other unknown or unpredictable factors also could harm our future results. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward-looking statements in this document be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date hereof. We cannot assure you that any projected results or events will be achieved. Except to the extent required by law, we disclaim any obligation to update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made, or to reflect the occurrence of unanticipated events.
Contact Information
VEON
Investor Relations
ir@veon.com
FAQ
What were VEON's Q2 2025 revenue and EBITDA results?
How much did VEON's digital revenues grow in Q2 2025?
What is VEON's updated guidance for 2025?
How much cash does VEON have and what is its debt position?
Has VEON completed its share buyback program?
