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Sep 30
VEON Q3 2025 Earnings Report
VEON reported strong Q3 2025 results with 7.5% revenue growth and a 19.7% increase in EBITDA, driven by the strong momentum in digital services.
Key Takeaways
VEON outperformed in the third quarter, supported by solid growth in digital revenues, margin expansion, and key strategic milestones such as the Kyivstar listing.
Total revenue reached $1,115,000,000, up 7.5% YoY.
EBITDA was $524,000,000 with a 47% margin.
Direct digital revenue rose 63.1% YoY to $198,000,000, making up 17.8% of total revenue.
Full-year 2025 EBITDA guidance was raised to 16–18% YoY growth in local currency.
VEON
VEON
VEON Revenue by Segment
VEON Revenue by Geographic Location
Revenue by Segment
Direct Digital Revenue
CapyFin.comTelecom and Infra Revenue
CapyFin.comRevenue by Geographic Location
Pakistan Revenue
CapyFin.comUkraine Revenue
CapyFin.comKazakhstan Revenue
CapyFin.comBangladesh Revenue
CapyFin.comUzbekistan Revenue
CapyFin.com Forward Guidance
VEON raised its 2025 outlook, projecting 7–8% revenue growth and 10–11% EBITDA growth in USD terms, supported by strong digital momentum and margin expansion.
Positive Outlook
- Raised full-year EBITDA guidance to 16–18% in local currency.
- Expected USD revenue growth of 7–8% for FY25.
- Strategic milestones completed, including Kyivstar listing and JazzCash spin-off.
- Disciplined capex execution with focus on digital and network modernization.
- Strong liquidity with $1.67B in cash and equivalents.
Challenges Ahead
- Net loss of $131M due to non-cash one-off charges.
- Negative FX impact across several key markets.
- Revenue declined in Bangladesh and Kazakhstan YoY.
- Mobile subscriber base declined 3.1% YoY.
- Geopolitical uncertainty continues to pose material risks, particularly in Ukraine.