VEON (VEON) Q3 2025 earnings summary

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 a milestone as monthly digital service users surpassed telecom SIM users for the first time, marking a shift to a digital operator model.

• Strategic milestones included Kyivstar Group's Nasdaq listing, JazzCash's operational separation, and the sale of Kyrgyzstan operations.

• Raised full-year EBITDA growth outlook to 16%-18% in local currency terms, up from 14%-16%.

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).

• Last 12-month EPS: $8.89 (+60.2% YoY); Q3 EPS was a loss of $1.84 due to non-cash charges.

• Cash and deposits: $1,666 million; net debt (excl. leases): $1,729 million; net debt/EBITDA (excl. leases): 1.13x.

• LTM equity free cash flow after leases/licenses: $584 million (+357.1% 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.

• Board authorized up to $100 million in share/bond buybacks, allocation based on market conditions.