VEON Delivers Record Digital Growth: 4Q25 Digital Revenues Grow 84% to 20.1% of Total, Driving 17% Revenue and 29% EBITDA Growth in 4Q25

Rhea-AI Summary

VEON (NASDAQ: VEON) reported strong 4Q25 and FY25 results, led by record digital growth. 4Q25 revenue rose 17.4% YoY to USD 1,171m; 4Q25 EBITDA increased 29.1% to USD 527m with a 45.0% margin. Digital revenues were USD 235m (20.1% of Group).

Full‑year 2025 revenue reached USD 4,399m, EBITDA USD 2,009m, digital revenue USD 759m; equity free cash flow was USD 624m. VEON launched ongoing buybacks and made strategic acquisitions (Tabletki.ua, Kyivstar secondary offering).

Positive

• Digital revenue +84.1% YoY to USD 235m in 4Q25
• 4Q25 EBITDA +29.1% YoY to USD 527m; margin 45.0%
• FY25 digital revenue +62.5% YoY to USD 759m (17.3% of Group)
• Equity free cash flow after leases and licenses USD 624m
• Net debt/EBITDA improved to 1.09x

Negative

• Capex of USD 930m; LTM capex intensity 21.2% (16.6% ex‑Ukraine)
• Buybacks and acquisitions may increase near‑term cash use (USD 100m program completed)

News Market Reaction – VEON

+14.20% 3.5x vol

31 alerts

+14.20% News Effect

+22.5% Peak in 2 hr 44 min

+$502M Valuation Impact

$4.04B Market Cap

3.5x Rel. Volume

On the day this news was published, VEON gained 14.20%, reflecting a significant positive market reaction. Argus tracked a peak move of +22.5% during that session. Our momentum scanner triggered 31 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $502M to the company's valuation, bringing the market cap to $4.04B at that time. Trading volume was very high at 3.5x the daily average, suggesting strong buying interest.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

4Q25 revenue: USD 1,171 million (+17.4% YoY) 4Q25 EBITDA: USD 527 million (+29.1% YoY), 45.0% margin 4Q25 digital revenue: USD 235 million (+84.1% YoY), 20.1% of revenue +5 more

8 metrics

4Q25 revenue USD 1,171 million (+17.4% YoY) Fourth quarter 2025 total revenue

4Q25 EBITDA USD 527 million (+29.1% YoY), 45.0% margin Fourth quarter 2025 EBITDA and margin expansion of 410 bps

4Q25 digital revenue USD 235 million (+84.1% YoY), 20.1% of revenue Fourth quarter 2025 digital segment

FY25 revenue USD 4,399 million (+9.9% YoY) Full year 2025 total revenue

FY25 EBITDA USD 2,009 million (+18.8% YoY), 45.7% margin Full year 2025 EBITDA with 350 bps margin expansion

Digital FY25 revenue USD 759 million (+62.5% YoY), 17.3% of revenue Full year 2025 digital segment

Equity free cash flow USD 624 million FY25 equity free cash flow after leases and licenses

Net debt / EBITDA 1.09x Net debt (ex-leases) to EBITDA at year-end 2025

Market Reality Check

Price: $50.50 Vol: Volume 417,889 vs 20-day ...

high vol

$50.50 Last Close

Volume Volume 417,889 vs 20-day average 93,618 (relative volume 4.46x) signals heavy trading into this news. high

Technical Shares at 44.31, trading below 200-day MA of 51.82 and 30.77% under the 52-week high.

Peers on Argus

VEON fell 16.84% while key telecom peers were mixed: Liberty Global lines (LBTYA...

1 Down

VEON fell 16.84% while key telecom peers were mixed: Liberty Global lines (LBTYA/LBTYB/LBTYK) rose 3–4%, TDS gained 1.06%, and PHI slipped 1.28%. Scanner data only flagged TDS with a marginal move, underscoring that VEON’s decline appears stock-specific rather than a sector-wide telecom move.

Historical Context

5 past events · Latest: Mar 10 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 10	Spectrum auction win	Positive	+0.0%	Jazz secured largest Pakistan spectrum allocation to expand broadband services.
Mar 06	Insurance acquisition	Positive	+1.5%	Agreed to acquire TPL Insurance to broaden digital financial services in Pakistan.
Mar 04	AI platform partnership	Positive	+3.1%	Joined ModelChorus as first mobile operator partner for language model platform.
Mar 04	Open RAN collaboration	Positive	+3.1%	MoU with Rakuten Symphony on Open RAN, AI, cloud-native platforms and roaming.
Mar 04	Innovation fund MoU	Positive	+3.1%	Partnership with GSMA Innovation Fund to support startups in Pakistan and Bangladesh.

Pattern Detected

Recent VEON headlines on spectrum, acquisitions and partnerships generally saw modest positive price reactions, indicating the stock often responds constructively to strategic growth news.

Recent Company History

Over the past weeks, VEON has highlighted a series of growth and digitalization milestones. On Mar 10, Jazz secured 190 MHz in Pakistan’s spectrum auction, with payments starting in 2027. Earlier in March, VEON announced the planned acquisition of TPL Insurance and multiple AI and innovation partnerships around MWC26. These items, which drew small positive moves, set the stage for today’s FY25 earnings update showing broad-based revenue and EBITDA growth driven by digital services.

Market Pulse Summary

The stock surged +14.2% in the session following this news. A strong positive reaction aligns with t...

Analysis

The stock surged +14.2% in the session following this news. A strong positive reaction aligns with the company’s reported acceleration in digital revenues and margin expansion, with total 4Q25 revenue at USD 1,171 million and EBITDA up 29.1% YoY. Past news around spectrum wins and digital acquisitions often drew constructive responses, suggesting investors have rewarded growth initiatives. However, factors such as capital intensity and integration of recent deals could influence how durable any rerating based on these FY25 results proves over time.

Key Terms

ebitda, ebitda margin, equity free cash flow, capex, +4 more

8 terms

ebitda financial

"EBITDA increased 29.1% YoY to USD 527 million, with EBITDA margin expanding 410 bps"

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.

ebitda margin financial

"EBITDA increased 29.1% YoY to USD 527 million, with EBITDA margin expanding 410 bps"

EBITDA margin is the share of each dollar of sales that a company keeps as operating cash profit before interest, taxes, and accounting for equipment wear and long-term investments. Think of it like the cash a store has left from every sale after paying day-to-day running costs but before paying rent, loan interest or replacing old machinery. Investors use it to compare core profitability and operational efficiency across companies by removing financing and accounting differences.

equity free cash flow financial

"Equity free cash flow after leases and licenses reached USD 624 million."

Equity free cash flow is the amount of cash a company generates that is available to pay shareholders after it pays operating costs, reinvests in the business, and handles debt-related payments and borrowings. Think of it as the household money left over after paying bills, fixing the house, and settling loans—funds that could be used for dividends, share buybacks, or retained for future needs. Investors use it to judge how much real cash a company can return to owners and to value a stock.

capex financial

"Capex amounted to USD 930 million, with LTM capex intensity of 21.2%"

Capex, short for capital expenditures, refers to the money a company spends to buy, upgrade, or maintain physical assets such as buildings, equipment, or technology. It matters to investors because these investments can help a company grow and improve its long-term performance, but they also represent significant costs that can impact profitability and cash flow.

capex intensity financial

"Capex amounted to USD 930 million, with LTM capex intensity of 21.2%"

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.

net debt financial

"Net debt (excluding lease liabilities) to EBITDA improved to 1.09x."

Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.

ads financial

"USD 100 million buyback program (2.14 million ADSs repurchased), and launching a second program"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

secondary public offering financial

"Successful secondary public offering of Kyivstar shares, raising USD 140 million net proceeds"

A secondary public offering is when a company sells additional shares to the public after its initial sale, often to raise more money or allow early investors to cash out. For investors, it can impact the stock's price by increasing the number of shares available, potentially making the stock more or less valuable depending on demand.

AI-generated analysis. Not financial advice.

VEON Delivers Record Digital Growth: 4Q25 Digital Revenues Grow 84% to 20.1% of Total, Driving 17% Revenue and 29% EBITDA Growth in 4Q25

Dubai and New York, March 13, 2026 – VEON Ltd. (NASDAQ: VEON), a global digital operator, today announced strong financial and operating results for the fourth quarter and full year ended December 31, 2025.

Key Highlights – Fourth Quarter 2025

• Total revenue grew 17.4% year-on-year (“YoY”) to USD 1,171 million.
• EBITDA increased 29.1% YoY to USD 527 million, with EBITDA margin expanding 410 bps to 45.0%.
• Digital revenues grew 84.1% YoY to USD 235 million, accounting for 20.1% of Group revenue.
• Financial services revenues rose 28.1% YoY to USD 120 million.

Key Highlights – Full Year 2025

• Total revenue increased 9.9% YoY to USD 4,399 million.
• EBITDA rose 18.8% YoY to USD 2,009 million, with EBITDA margin expanding 350 bps to 45.7%.
• Digital revenues grew 62.5% YoY to USD 759 million, representing 17.3% of Group revenue. Digital EBITDA was USD 207 million, reflecting an EBITDA margin of 27.3%.
• Financial services revenues grew 34.3% YoY to USD 425 million.
• Equity free cash flow after leases and licenses reached USD 624 million.
• Capex amounted to USD 930 million, with LTM capex intensity of 21.2% (16.6% excluding Ukraine).
• Total cash, cash equivalents and deposits stood at USD 1,734 million, including USD 557 million at headquarters.
• Net debt (excluding lease liabilities) to EBITDA improved to 1.09x.

Capital Allocation and Strategic Developments

VEON maintained disciplined capital allocation, completing its first USD 100 million buyback program (2.14 million ADSs repurchased), and launching a second program on November 14, 2025 (614.5K ADSs repurchased for USD 32.5 million, plus USD 3 million of 2027 Notes, as of 10 March 2026). VEON has adopted a policy framework targeting at least USD 100 million in annual share repurchases, subject to market conditions and Board approval. VEON intends to implement this framework for future buyback programs upon completion of the current USD 100 million program, with all shares repurchased under such future programs to be cancelled.

In March 2026, VEON reached an agreement with the Dhabi Group regarding historical shareholder claims, and will welcome His Highness Sheikh Nahyan bin Mubarak Al Nahyan, as a shareholder in the Company.

Other milestones include:

• Successful secondary public offering of Kyivstar shares, raising USD 140 million net proceeds and expanding the investor base.
• Acquisition of Tabletki.ua, Ukraine’s leading online healthcare marketplace, for USD 160 million, expanding digital healthcare offerings.
• Transfer of VEON’s ADS listing to the Nasdaq Global Select Market and inclusion in the S&P Global Broad Market Index and MSCI Ukraine Index.
• Ongoing progress toward acquiring TPL Insurance Limited in Pakistan to bolster digital financial services (expected close mid-2026, subject to approvals).
• Jazz securing largest allocation with 190 MHz in Pakistan’s mobile spectrum auction in March 2026, reinforcing Jazz’s network leadership and service innovation  
  
  

2026 Outlook

For 2026, VEON expects:

• Total revenue growth of 9%–12% YoY in USD terms
• EBITDA growth of 7%–10% YoY in USD terms
• Capex intensity (excluding Ukraine) of 14%–16%
  
  

Commenting on the results, VEON Group CEO Kaan Terzioglu said

“2025 marked a pivotal inflection point for VEON as a digital operator. For the first time, digital service customers surpassed traditional connectivity subscribers. Resilient core execution, explosive digital growth, especially in financial services, and rigorous cost discipline delivered revenue and EBITDA ahead of forecasts, continuing our track record of keeping the promises we make to investors. Strategic moves like acquiring ride hailing and delivery company Uklon, pharmaceutical and health products marketplace Tabletki.ua, advancing the planned acquisitions of TPL Insurance in Pakistan and classifieds business OLX in Kazakhstan (awaiting regulatory approvals), expanding our Starlink Direct-to-Cell partnership, and strengthening our capital markets profile position us strongly for sustained value creation.”

Additional information

View the full FY25 Earnings Release
View FY25 Results Presentation
View FY25 Factbook

FY25 results conference call

VEON will also host a results conference call with senior management at 16:00 GST (13:00 CET, 8:00 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-fy25-and-4q25-results-presentation.open-exchange.net/registration

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. 
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/live/9JiE8saO38s
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 150 million connectivity and over 135 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,” 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. Such forward-looking statements include, but are not limited to, statements relating to VEON’s future operating results, targets, or financial positions. Forward-looking statements are not historical facts, and are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not anticipate. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. There are numerous risks, uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, such as those discussed in the section entitled “Risk Factors” in VEON’s 2024 Form 20-F filed with the SEC on April 25, 2025 and other public filings made by VEON with the SEC. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.

See “Disclaimer and Notice to Readers” in our full 4Q25 Earnings Release for a more fulsome description of the above.

Contact Information

VEON
Investor Relations
ir@veon.com

FAQ

How much did VEON (VEON) digital revenue grow in 4Q25 and what share of revenue did it reach?

Digital revenue grew 84.1% YoY to USD 235m, reaching 20.1% of group revenue. According to the company, explosive digital uptake drove higher-margin services and contributed materially to 4Q25 revenue and EBITDA expansion.

What were VEON (VEON) 4Q25 revenue and EBITDA figures and margins?

VEON reported 4Q25 revenue of USD 1,171m and EBITDA of USD 527m with a 45.0% margin. According to the company, disciplined cost control and digital mix expansion widened EBITDA margins by 410 basis points year‑on‑year.

What is VEON's (VEON) 2026 outlook for revenue, EBITDA, and capex intensity?

VEON expects 2026 revenue growth of 9%–12% YoY and EBITDA growth of 7%–10% YoY. According to the company, planned capex intensity (ex‑Ukraine) is targeted at 14%–16% to support network and digital investments.

How much cash and net leverage did VEON (VEON) report at FY25 close?

Total cash, equivalents and deposits were USD 1,734m, with net debt/EBITDA at 1.09x (excluding leases). According to the company, liquidity supports buybacks, strategic M&A, and operating needs.

What capital allocation actions did VEON (VEON) take and what is the buyback policy?

VEON completed a USD 100m buyback (2.14m ADS) and launched a second program; it targets at least USD 100m annual repurchases. According to the company, repurchased shares under future programs will be cancelled, subject to Board approval and market conditions.