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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
VEON (VEON) investor relations material
VEON Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Revenue grew 7.5% year-over-year to $1,115 million in Q3 2025, with EBITDA up 19.7% to $524 million and margin improving to 47.0%.
Direct digital revenues surged 63.1% YoY, now 17.8% of total revenue, driven by digital platform expansion and AI integration.
Achieved strategic milestones: Kyivstar listed on Nasdaq (2.3x book value, VEON retains 89.6% stake), JazzCash operational separation, and completed Kyrgyzstan sale.
Board approved a $100 million share and/or bond repurchase program, reflecting confidence in growth prospects.
Improved liquidity and risk management mitigated going concern risks.
Financial highlights
Q3 2025 revenue: $1,115 million (+7.5% YoY); EBITDA: $524 million (+19.7% YoY); EBITDA margin: 47.0% (+4.8 p.p. YoY).
Direct digital revenue: $198 million (+63.1% YoY); telecom and infrastructure revenue: $917 million (+0.1% YoY).
Net loss for Q3: $(127) million, reflecting non-cash charges from Kyivstar listing and Kyrgyzstan sale; 9M net profit: $599 million (+52.2% YoY).
LTM equity free cash flow after leases/licenses: $584 million; cash and deposits: $1,666 million; net debt (excl. leases): $1,729 million; net debt/EBITDA: 1.13x.
9M25 earnings per ADS: $7.81 (+73.6% YoY); LTM earnings per ADS: $8.89 (+60.2% YoY).
Outlook and guidance
2025 local currency revenue growth expected at 13–15% YoY; EBITDA growth at 16–18% YoY.
In USD terms, 2025 revenue growth expected at 7–8% YoY; EBITDA growth at 10–11% YoY.
Capex intensity (ex-Ukraine) to remain within 17–19% for 2025; LTM capex intensity at 21.6% (17.7% ex-Ukraine).
Board authorized up to $100 million in share/bond buybacks, allocation based on market conditions.
Kyivstar: future ownership stake strategy?
JazzCash: digital bank license plans?
Ukraine Tower Co: divestment strategy?
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Next VEON earnings date
Q4 202518 Mar, 2026
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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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