VEON Delivers Strong Start to 2026 | 1Q26: Revenue +17.0%, EBITDA +17.7%, Digital Surges +57.7% to 25.2% of Total Revenue
Rhea-AI Summary
VEON (NASDAQ: VEON) reported strong 1Q26 results, with total revenue up 17.0% YoY to USD 1,201 million and EBITDA up 17.7% to USD 517 million, lifting margin to 43.0%.
Digital revenue rose 57.7% to USD 303 million (25.2% of revenue), financial services grew 41.0% to USD 135 million, and equity free cash flow increased 73.4% to USD 246 million. Net debt/EBITDAaL improved to 1.07x. VEON raised 2026 revenue growth guidance to 11–14% in USD terms, kept EBITDA growth guidance at 7–10%, and now expects FY26 capex intensity (excluding Ukraine) at 15–17%. The company targets at least USD 100 million in annual share buybacks, has repurchased 3.1 million ADSs for USD 149.6 million since 2024, and is advancing acquisitions and Starlink partnerships across Pakistan, Bangladesh, Kazakhstan and Ukraine.
Positive
- 1Q26 revenue up 17.0% YoY to USD 1,201 million
- EBITDA up 17.7% YoY to USD 517 million; margin 43.0%
- Digital revenue +57.7% YoY to USD 303m, 25.2% of total
- Equity free cash flow up 73.4% YoY to USD 246 million
- Net debt (ex-leases) to EBITDAaL improved to 1.07x
- 2026 USD revenue growth guidance raised to 11–14% YoY
Negative
- FY26 capex intensity guidance (ex-Ukraine) increased to 15–17%
- Jazz paid USD 239.5m for 190 MHz spectrum in Pakistan
News Market Reaction – VEON
In the May 13 session, VEON gained 13.78%, reflecting a significant positive market reaction. Argus tracked a peak move of +7.1% during that session. Our momentum scanner triggered 20 alerts that day, indicating elevated trading interest and price volatility. Trading volume was elevated at 2.7x the daily average, suggesting notable buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 11 | AGM and FY25 results | Positive | +1.1% | AGM backing board, strong FY25 growth and continued buyback policy. |
| May 06 | Starlink reseller deal | Positive | -0.0% | Kyivstar authorized to resell Starlink services and hardware in Ukraine. |
| Apr 29 | Ukraine investment update | Positive | -2.8% | VEON and Kyivstar surpass USD 1.0B Ukraine investment pledge with USD 1.3B. |
| Apr 24 | ADS fee waiver | Positive | -3.2% | BNY Mellon waives ADS fees; VEON reiterates at least USD 100M buybacks. |
| Apr 23 | Integrated report 2025 | Positive | -0.4% | Report shows strong digital growth, Kyivstar listing, and expanded ESG efforts. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent VEON news skew positive, but four of the last five items saw negative next-day moves, indicating a pattern of selling or muted follow-through on good news.
Over the last few weeks, VEON has highlighted a strengthening digital-operator profile, with FY25 revenue of USD 4.4 billion and EBITDA of USD 2.0 billion, plus aggressive digital growth and a capital return policy targeting at least USD 100 million annually. Announcements covered Ukraine network investments of USD 1.3 billion, Starlink distribution in Ukraine, and fee waivers on ADSs. Despite generally positive fundamentals and governance continuity, price reactions often leaned negative, framing today’s strong 1Q26 print within a market that has not consistently rewarded prior good news.
Key Terms
ebitda financial
ebitda margin financial
equity free cash flow financial
capex financial
net debt financial
spectrum technical
broadband internet services technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
VEON Delivers Strong Start to 2026
1Q26: Revenue +
Dubai and New York, May 13, 2026 – VEON Ltd. (NASDAQ: VEON), a global digital operator, today announced strong financial and operating results for the first quarter ended March 31, 2026.
Key Highlights – First Quarter 2026
- Total revenue increased
17.0% YoY to USD 1,201 million - EBITDA rose
17.7% YoY to USD 517 million, with EBITDA margin expanding 20 bps to43.0% - Digital revenues1 grew
57.7% YoY to USD 303 million, representing25.2% of Group revenue; digital EBITDA was USD 105 million (34.6% margin) - Financial services revenues grew
41.0% YoY to USD 135 million. - Equity free cash flow (after leases and licenses) reached USD 246 million, up
73.4% YoY - Capex amounted to USD 138 million, with LTM capex intensity of
20.4% (15.8% excluding Ukraine) - Total cash, cash equivalents and deposits stood at USD 1,755 million, including USD 457 million at headquarters
- Net debt (excluding lease liabilities) to EBITDAaL improved to 1.07x2
1. Revenues from enterprise identity and credentials management services are reported within the Digital Enterprise vertical from 1Q26 (USD 44 million) onwards. Prior periods have been restated accordingly (USD 45 million for 1Q25). 2. USD 464 million relating to banking operations in Pakistan included in Group Cash but excluded for calculation of net debt.
Revising up Revenue Outlook for 2026
VEON is revising up its revenue growth guidance for 2026 to 11–
Capital Return and Strategic Developments
VEON’s capital allocation framework targets a minimum of USD 100 million in annual share repurchases, subject to prevailing market conditions, liquidity considerations and requisite internal approvals.
Under the current USD 100 million buyback program launched on November 14, 2025, VEON has repurchased 959.3K ADSs for USD 49.6 million and USD 3 million of the 2027 Notes as of May 11, 2026. Including earlier phases of the program first announced in August 2024, VEON has repurchased 3.1 million ADSs for a total consideration of USD 149.6 million. As of March 31, 2026, after giving effect to ADS issuances in March 2024 and subsequent periods, shares and ADSs held by VEON were approximately
Management and shareholder alignment remains strong, with leadership owning
Other significant developments include:
- The Competition Commission of Pakistan approving VEON’s acquisition of a controlling stake in TPL Insurance, with closing targeted for mid-2026. Mobilink Microfinance Bank Limited is progressing its acquisition of Apna Microfinance Bank Limited to scale digital banking and expand financial inclusion in Pakistan, subject to regulatory approvals.
- Partnership with StarLink expanding with Banglalink to launch in Bangladesh. Beeline Kazakhstan is readying for launch in 2026 as well. Kyivstar has surpassed 5 million users in Ukraine since launch and has expanded its collaboration with Starlink to resell Starlink broadband internet services and hardware for businesses and public sector institutions.
- Jazz secured the largest allocation in Pakistan’s March 2026 spectrum auction, acquiring 190 MHz at a total cost of USD 239.5 million, strengthening network capacity and growth.
Commenting on the results, VEON Group CEO Kaan Terzioglu said:
”VEON has kicked off 2026 with strong momentum, delivering double-digit growth in both revenue and EBITDA. Digital revenues surged
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
1Q26 results conference call
VEON will also host a results conference call with senior management at 16:00 GST ( 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-1q-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/live/VajlevOhsv4
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 151 million connectivity and nearly 229 million digital users. Operating across five countries that are home to more than
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. Such forward-looking statements include, but are not limited to, statements relating to VEON’s future operating results, targets, or financial positions; VEON’s plans to implement its strategic priorities, including its 2026 outlook; VEON's ability to achieve anticipated performance results and generate sufficient cash flows to service its 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 as well as the current geopolitical tensions in the Middle Easton its current and future operations and financial condition; and VEON’s capital allocation policy and target for distributing value to shareholders. 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 and 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 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 contained in this release speak only as of the date of this release and VEON disclaims any obligation to publicly update them, except to the extent required by law.
See “Disclaimer and Notice to Readers” in our full 1Q26 Earnings Release for a more fulsome description of the above.
Contact Information
VEON
Investor Relations
ir@veon.com
