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Mar 31, 2025
VEON Q1 2025 Earnings Report
VEON reported strong growth in revenue and EBITDA, fueled by a surge in direct digital revenue and continued execution of its digital operator strategy.
Key Takeaways
VEON delivered a robust Q1 2025 with 8.9% YoY revenue growth and a significant boost in EBITDA, driven by a 50.2% rise in direct digital revenue. The company's net income rose 50.9%, supported by strong performance in Pakistan and Ukraine.
Total revenue reached $1.026 billion, up from $942 million in Q1 2024.
EBITDA increased 13.7% YoY to $439 million.
Direct digital revenue grew 50.2% YoY to $147 million.
Net income surged 50.9% to $118 million, with EPS of $1.40.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
VEON reaffirmed its full-year 2025 outlook, expecting 12–14% revenue growth and 13–15% EBITDA growth in local currency terms, with capex intensity between 17% and 19%.
Positive Outlook
- Revenue growth guidance of 12–14% in LCY reaffirmed.
- EBITDA expected to grow 13–15% in LCY.
- Capex intensity to remain disciplined within 17–19%.
- Continued expansion of digital platforms and services.
- Strong momentum from AI1440 and DO1440 strategies.
Challenges Ahead
- Continued macroeconomic challenges in Bangladesh and Kazakhstan.
- Cyberattack and deconsolidation effects still impact comparisons.
- Decline in total mobile subscribers (-3.4% YoY).
- Revenue declines in Bangladesh and Kazakhstan.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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