VEON Reports 2Q26 Results | Digital Revenue Climbs 53.6%; VEON Raises 2026 Revenue and EBITDA Outlook
Rhea-AI Summary
VEON (Nasdaq: VEON) reported 2Q26 revenue of USD 1,271 million, up 17.0% YoY, with EBITDA of USD 552 million, up 6.2% YoY and 1H26 EBITDA up 11.5% to USD 1,069 million. Digital revenue rose 53.6% YoY to USD 342 million, delivering a 36.1% EBITDA margin and reaching 26.9% of Group revenues.
Profit for the period was USD 140 million, down 77.0%, mainly reflecting prior-year one-offs and a USD 21 million fair value loss on KGL warrants. Equity FCF was USD 74 million in 2Q26 and USD 320 million in 1H26 (+47.5% YoY). VEON raised its 2026 guidance to revenue growth of 15%–18% and EBITDA growth of 9%–12%, and has repurchased about USD 82.6 million under its current USD 100 million program while planning to cancel at least USD 100 million of shares and ADSs annually.
Positive
- Total revenue USD 1,271 million, up 17.0% YoY in 2Q26
- Digital revenue USD 342 million, up 53.6% YoY; 26.9% of Group revenue
- 1H26 EBITDA USD 1,069 million, up 11.5% YoY
- Equity FCF 1H26 USD 320 million, up 47.5% YoY
- 2026 guidance raised: revenue growth 15%–18%, EBITDA growth 9%–12%
- Bond offering USD 1.4 billion, refinancing most 2027 debt and extending maturities
Negative
- Profit for the period USD 140 million, down 77.0% YoY
- Equity FCF 2Q26 USD 74 million, down 1.4% YoY
News Explained
Completed refinancing changes VEON’s debt maturity profile; the 76.3% TPL Insurance acquisition lacks disclosed consideration and closing status.
On
The release also identifies VEON’s acquisition of a
The reported results remain subject to financial closing procedures that had not yet been completed.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 27 | Digital engagement report | Positive | +1.4% | Toffee reported record FIFA World Cup engagement across views, watch minutes and viewers. |
| Jul 14 | Insurance acquisition | Positive | +1.2% | VEON acquired a controlling TPL Insurance stake to expand Pakistan digital insurance access. |
| Jul 07 | Results date notice | Neutral | -1.9% | VEON scheduled release of 2Q26 and first-half 2026 results for July 31. |
| Jul 02 | Strategy meeting | Positive | -0.6% | VEON reaffirmed Kazakhstan digital strategy and described planned Starlink Direct to Cell availability. |
| Jul 02 | Mastercard partnership | Positive | -0.6% | VEON and Mastercard announced digital financial-services collaboration across four operating markets. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent positive or informational announcements produced both positive and negative 24-hour reactions, with three divergences among five events.
Key Terms
ebitda financial
arpu financial
equity free cash flow financial
lease adjusted leverage ratio financial
pari-passu regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
VEON Reports 2Q26 Results
Digital Revenue Climbs
Key Highlights
- Digital revenue climbed
53.6% YoY to USD 342 million, with Digital EBITDA margin at36.1% , reaching26.9% of Group revenues. - Total revenue reached USD 1,271 million (+
17.0% YoY). - EBITDA reached USD 552 million (+
6.2% YoY), 1H26 EBITDA grew11.5% YoY to USD 1,069 million. - Profit for the period was USD 140 million (-
77.0% ) and reflects the impact from prior-year provision release of USD 45 million in Bangladesh, the USD 489 million gain on the Pakistan tower sale in 2Q25, and USD 21 million fair value loss on outstanding KGL warrants in 2Q26. - Equity FCF (after leases and license) reached USD 74 million (-
1.4% ) in 2Q26; USD 320 million in 1H26, up47.5% YoY. - 2026 guidance raised. Revenue growth now
15% –18% YoY (previously11% -14% ), EBITDA growth now9% –12% YoY (previously7% to10% ). - Sustaining active buybacks. USD 82.5 million repurchased under the current USD 100 million securities repurchase program.
- Accelerating capital return. VEON intends to purchase and cancel a minimum of USD 100 million of repurchased shares and ADSs on an annual basis which will comprise of a mix of shares and ADSs purchased in the open market and, on a pari-passu basis, shares from our major shareholders.
Dubai and New York, July 31, 2026 – VEON Ltd. (Nasdaq: VEON) reported results for the second quarter of 2026, with double-digit revenue growth, continued digital scaling, and EBITDA growth of
Commenting on the results, VEON Group CEO Kaan Terzioglu said:
“VEON delivered another quarter of strong, broad-based growth and we are raising our full-year outlook. We are fuelled by our telecom foundation which powers one self-reinforcing flywheel to win us wallet share across every high-growth market we serve. We are also introducing three digital pillars – Financial Services, Digital Life and Digital Enterprise – as a lens through which to view the digital business. As customers adopt more of our digital services, they generate more revenue, stay with us longer and drive stronger cash generation for the group. Digital revenue is growing rapidly and now represents
Telecom & Infrastructure: Growing Sustainably
- Telecommunications and infrastructure revenue grew
7.6% YoY to USD 929 million in 2Q26, with mobile ARPU increasing6.3% YoY, reflecting continued pricing discipline and deepening customer engagement.
Digital Platform Scaling Profitably
- Digital Customers reached 227.7 million in 2Q26, reflecting sustained adoption of digital products.
- Financial services revenue grew
48.5% YoY to USD 151 million in 2Q26 and45.0% YoY to USD 285 million in 1H26. - Multiplay customers reached 45.3 million, generating 4.0x the ARPU of voice-only users, reinforcing the flywheel between connectivity, digital adoption and revenue growth.
Strong Cash Generation and Disciplined, Sustainable Capital Returns
- Equity free cash flow (after leases & licenses) at USD 74 million (-
1.4% ) for 2Q26; USD 320 million in 1H26 (+47.5% YoY) - Cash and cash equivalents stood at USD 2,193 million, including USD 968 million at HQ. Lease adjusted leverage ratio at 1.10x.
- USD 82.6 million repurchased under the current USD 100 million securities repurchase program.
- Going forward, VEON intends to cancel a minimum of USD 100 million of repurchased shares and ADSs on an annual basis which will comprise of a mix of shares and ADSs purchased in the open market and, on a pari-passu basis, shares from our major shareholders.
Other Significant Developments
- VEON has completed a USD 1.4 billion bond offering, refinancing almost all debt due in 2027 and nearly doubling average debt maturity to over four years at HQ.
- VEON has partnered with Mastercard to expand digital financial services across four markets; JazzCash and Mobilink Bank also announced smartphone access to Pakistan Government Treasury Bills.
- JazzCash has been named among the World's Top Fintech Companies 2026 by CNBC and Statista, in the Payments category
- VEON expanded and diversified digital ecosystem across footprint (acquisition of
76.3% stake in TPL Insurance in Pakistan, Uklon expansion into e-commerce and multimodal mobility). - VEON progressed collaboration with Starlink in Ukraine, Kazakhstan and Bangladesh.
VEON is revising its 2026 outlook
| Revised | Previous | |
| Revenue Growth (YoY, USD) | | |
| EBITDA Growth (YoY, USD) | | |
| Capex Intensity (ex-Ukraine) | | |
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
2Q26 results conference call
VEON will also host a results conference call with senior management at 17:00 GST (9:00 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-2q-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=Edd_m5JgkY4
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 228 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. 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 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; 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; 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. 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 2Q26 Earnings Release for a more fulsome description of the above.
Contact Information
VEON
Investor Relations
ir@veon.com
