VEON (VEON) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue rose 17.2% to $1.307bn and EBITDA increased 10.1% to $577m; digital revenue grew 45.9% to $355m, or 27.2% of revenue.

• 9M26 revenue increased 17.1% to $3.779bn and EBITDA rose 11.0% to $1.645bn; like-for-like profit grew 25.5%.

• FY26 revenue growth guidance rose to 16%–18% and EBITDA growth guidance to 10%–12%; capex intensity guidance excluding Ukraine remained 15%–17%.

Financial highlights

• 3Q26 net profit was $225m versus a $127m loss in 3Q25; diluted EPS was $2.67 versus a loss of $1.84 per ADS.

• 9M26 net profit was $488m, down 18.6% reported; like-for-like profit grew 25.5%. 9M25 included a $502m Pakistan tower-sale gain.

• 3Q26 operating cash flow rose 39.4% to $450m; 9M26 operating cash flow increased 46.9% to $1.310bn.

• 3Q26 reported free cash flow was $201m versus $303m; excluding asset-disposal proceeds, it increased 91.8% to $140m from $73m.

• 9M26 free cash flow was $520m, flat YoY; excluding asset disposals, it rose to $164m from $6m.

Outlook and guidance

• FY26 revenue growth guidance increased to 16%–18% from 15%–18%; EBITDA growth guidance rose to 10%–12% from 9%–12%.

• FY26 capex intensity guidance excluding Ukraine remained 15%–17% of revenue; 9M26 actual was 15.4%.

• Management expects continued digital growth, cash generation and investment within the guided capex range.