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VEON (VEON) investor relations material
VEON Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved strong financial and operational results in Q2 2025, with local currency revenue up 11.2% and EBITDA up 19.6% year-over-year, outpacing inflation in core markets.
Direct digital revenues grew 56.6–57% YoY, now 16.5% of total group revenues, driven by digital platform expansion and Uklon consolidation.
Net profit reached $608M, up from $89M YoY, aided by a $498M gain from the Pakistan tower transaction.
Completed $100M share buyback, repaid bond maturities, and enhanced financial flexibility with a $200M private bond issuance.
Advanced Kyivstar's Nasdaq listing and closed strategic partnerships, including with Engro Corp.
Financial highlights
Q2 2025 revenues were $1,087M (+5.9% YoY USD, +11.2% local currency); EBITDA was $520M (+13.2% YoY USD, +19.6% local currency).
Direct digital revenue reached $180M (+56.6% YoY), now 16.5% of group revenue.
EBITDA margin improved to 47.8% (+3.1pp YoY); capex was $231M (+27.5% YoY).
LTM equity free cash flow was $611M (+33.7% YoY).
Net debt (ex-leases) at $1.96B; cash balance at $1.28B as of June 2025.
Outlook and guidance
Full-year 2025 outlook revised: local currency revenue growth expected at 13–15%, EBITDA growth at 14–16%.
Capex intensity (ex-Ukraine) expected in the 17–19% range.
Inflation trends monitored, with weighted average inflation at 8.7% in Q2.
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