VEON Notes Kyivstar Group Publication of Selected Full Year 2025 Financial Information
Rhea-AI Summary
VEON (Nasdaq: VEON) notes Kyivstar Group’s preliminary unaudited FY2025 financial estimates versus FY2024. Kyivstar estimates revenue growth of 24%–26% YoY, adjusted EBITDA growth of 24%–26% YoY, and capex intensity of 29%–31% for the year ended December 31, 2025.
VEON says Kyivstar’s preliminary results exceed its prior 2025 outlook and VEON now expects to deliver results above its November 10, 2025 2025 Outlook, subject to customary uncertainties and ongoing review.
Positive
- Revenue +24–26% YoY (Kyivstar preliminary estimate for FY2025)
- Adjusted EBITDA +24–26% YoY (Kyivstar preliminary estimate for FY2025)
- VEON now expects to beat its prior 2025 Outlook communicated on November 10, 2025
Negative
- Capex intensity 29–31% could weigh on free cash flow in FY2025
- Figures are preliminary and unaudited, subject to review and uncertainties
News Market Reaction
On the day this news was published, VEON declined 0.07%, reflecting a mild negative market reaction. This price movement removed approximately $3M from the company's valuation, bringing the market cap to $3.88B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
VEON was up 0.32% with no peers in the momentum scanner and mixed peer moves (e.g., LBTYA -1.28%, LBTYB +1.99%), pointing to a stock-specific reaction to Kyivstar’s FY25 estimates and VEON’s upgraded 2025 outlook.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 16 | Results date notice | Positive | +1.4% | Announcement of FY25 and 4Q25 results release dates and conference calls. |
| Aug 07 | Quarterly earnings beat | Positive | +7.9% | Strong Q2 2025 results with revenue, EBITDA and digital growth plus raised outlook. |
| Jun 05 | Subsidiary earnings | Positive | -4.8% | Kyivstar Q1 2025 revenue, profit and EBITDA growth with strategic acquisitions. |
| May 15 | Quarterly earnings | Positive | -4.5% | Strong Q1 2025 results, digital revenue surge and positive 2025 growth outlook. |
Earnings-related news has produced mixed reactions: strong results and outlook changes sometimes led to gains, but there are also notable post-earnings selloffs.
Recent earnings and financial updates for VEON and Kyivstar have generally highlighted strong growth, digital revenue expansion, and outlook upgrades. On May 15, 2025 and August 7, 2025, VEON reported solid quarterly results with higher guidance, while Kyivstar’s Q1 2025 report showed robust revenue, EBITDA and profit growth. The December 16, 2025 release-date announcement framed the forthcoming FY25 results. Today’s preliminary FY25 Kyivstar metrics and VEON’s expectation to exceed its 2025 outlook fit into this pattern of sustained operational momentum.
Historical Comparison
Past earnings-related announcements for VEON and Kyivstar produced average moves of 4.65%, with both rallies and selloffs after strong results and outlook changes.
Earnings news shows a progression from strong Q1 and Q2 2025 growth, to Kyivstar’s Q1 results during its listing process, and then to setting and revisiting FY25 outlooks for both Kyivstar and VEON.
Market Pulse Summary
This announcement highlights Kyivstar’s preliminary FY25 estimates of 24–26% revenue and Adjusted EBITDA growth, plus capex intensity of 29–31%, and notes that these exceed prior 2025 outlooks. VEON now anticipates results above its own earlier 2025 guidance. In light of past earnings updates that produced mixed share reactions, investors may watch the final audited figures, any revised outlooks, and execution across Kyivstar and other operating companies.
Key Terms
adjusted ebitda financial
capex intensity financial
AI-generated analysis. Not financial advice.
Dubai, January 28, 2026 — VEON Ltd. (Nasdaq: VEON) (“VEON”) notes that Kyivstar Group Ltd. (Nasdaq: KYIV; KYIVW) ( “Kyivstar” or “the Group”), Ukraine’s leading digital operator, has announced the Group’s preliminary estimates of selected unaudited financial information for the year ended December 31, 2025 compared to the Group’s actual financial results for the year ended December 31, 2024.
Based on information currently available to management, and subject to uncertainties, for the year ended December 31, 2025, the Group estimates that:
- Revenue growth, measured in U.S. dollars, will fall within the low and high range of
24% and26% on a year-on-year basis as compared to December 31, 2024. - Adjusted EBITDA growth, measured in U.S. dollars, will fall within the low and high range of
24% and26% on a year-on-year basis as compared to December 31, 2024. - Capex Intensity for the year ended December 31, 2025 will fall within the low and high range of
29% and31% .
Building on Kyivstar Group’s preliminary FY25 estimates, which exceed the 2025 Outlook provided with the Group’s 3Q25 results on November 10, 2025, and supported by continued strong execution across VEON’s other operating companies, VEON management expects this positive momentum to carry through at the VEON Group level. Accordingly, VEON now anticipates delivering results above the 2025 Outlook previously communicated with its own 3Q25 disclosure on November 10, 2025.
About Kyivstar Group Ltd.
Kyivstar Group Ltd. is a Nasdaq-listed holding company that operates JSC Kyivstar, the country’s leading digital operator and the first Ukrainian company to have its shares traded on a U.S. stock exchange. The Group’s companies provide a broad range of connectivity and digital services, including mobile and fixed-line voice and data, ride-hailing, e-health, digital TV, and enterprise solutions such as Big Data, cloud, and cybersecurity.
Together with VEON, Kyivstar intends to invest USD 1 billion in Ukraine between 2023-2027, through social investments in infrastructure and technological development, charitable donations and strategic acquisitions. For more information, please visit https://investors.kyivstar.ua.
Nasdaq tickers: KYIV; KYIVW
About VEON
VEON is a digital operator that provides connectivity and digital services to nearly 150 million connectivity and over 140 million digital users. Operating across five countries that are home to more than
Disclaimers
This press release 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, among other things, VEON Ltd.’s financial performance for the full year ended December 31, 2025, Kyivstar Group’s preliminary year-over-year growth numbers, as well as Kyivstar Group’s ability to achieve anticipated results and business objectives. There are numerous risks and uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, including risks relating to VEON Ltd.’s financial performance for the full year ended December 31, 2025, Kyivstar Group’s preliminary year-over-year growth numbers, as well as Kyivstar Group’s ability to achieve anticipated results and business objectives, among others discussed in the section entitled “Risk Factors” included 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, as well as the final prospectus filed by Kyivstar Group with the U.S. Securities and exchange Commission (“SEC”) on December 18, 2025, as amended and supplemented from time to time, and in any other subsequent filings with the SEC by Kyivstar Group.
The preliminary financial results presented in this press release are based on Kyivstar’s current estimates and are subject to completion of Kyivstar’s financial closing procedures and the audit by Kyivstar’s independent registered public accounting firm. Kyivstar’s actual results may different materially from these preliminary estimates as a result of the completion of year-end closing procedures, final adjustments, and other developments that may arise between now and the time the financial results are finalized. These preliminary results should not be viewed as a substitute for full audited financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”).
Kyivstar cannot provide a reconciliation of the non-IFRS measures Adjusted EBITDA and Capex Intensity for the year ended December 31, 2025 without unreasonable effort, given that Kyivstar is unable to estimate the amounts of certain components of the IFRS profit (loss) for the period, including income taxes and net gain (loss) on foreign exchange, and IFRS intangible assets and certain costs which impact the IFRS property, plant and equipment. Due to the nature of certain reconciling items, it is not possible to predict with any reliability what future outcomes may be with regard to the expense or income that may ultimately be recognized in the year ended December 31, 2025.
Contact Information
VEON
Hande Asik
Chief Strategy and Communications Officer
pr@veon.com
FAQ
What revenue growth did Kyivstar report for FY2025 and how does it affect VEON (VEON)?
What adjusted EBITDA growth did Kyivstar estimate for FY2025 and what does VEON say (VEON)?
What is Kyivstar’s reported capex intensity for FY2025 and why does it matter for VEON (VEON)?
Does VEON expect to change its 2025 outlook after Kyivstar’s FY2025 estimates (VEON)?
Are Kyivstar’s FY2025 numbers final and audited and what is VEON’s caveat (VEON)?
When were Kyivstar’s preliminary FY2025 estimates announced and which filings referenced them (VEON)?
