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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.
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Q2 2025 earnings summary7 Aug, 2025

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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Frequently asked questions

VEON Ltd., previously known as VimpelCom, is a multinational telecommunication services company with a significant presence across Asia, Africa, and Europe. It offers a broad spectrum of mobile telecommunications services, including value-added and call completion services, national and international roaming, wireless internet access, and fixed-line telecommunications services. VEON's value-added services encompass content or infotainment services, messaging services, data access services, media and content delivery channels, and location-based services. Operating under several brand names such as Beeline, Jazz, Banglalink, Djezzy, and Kyivstar, the company distributes its services through a direct sales force and various alternative distribution channels. The company is headquartered in Amsterdam, the Netherlands, and its shares are listed on the Nasdaq and Euronext Amsterdam.

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