VEON (VEON) Q4 2025 earnings summary

Executive summary

• Achieved double-digit operational growth in 2025, with group revenue up 9.9% to $4,399 million and EBITDA up 18.8%, driven by robust digital and telecom expansion.

• Digital revenues surged 62.5% in 2025, now representing 17.3% of annual group revenue and exceeding 20% in Q4.

• Major asset-light initiatives included tower monetization in Pakistan, deconsolidation of TNS Plus, and Kyivstar's Nasdaq listing with a $2.4 billion market valuation.

• Strong performance across Pakistan, Ukraine, and Kazakhstan, with double-digit local currency revenue and EBITDA growth.

• Continued share buyback program, with a new policy to repurchase at least $100 million of shares annually.

Financial highlights

• FY25 revenue reached $4,399 million (+9.9% YoY); Q4 revenue $1,171 million (+17.4% YoY).

• EBITDA for FY25 was $2,009 million (+18.8% YoY), with margin expanding to 45.7%.

• Digital revenue totaled $759 million (+62.5% YoY), with digital EBITDA margin at 27.3%.

• Equity free cash flow was $624 million; cash and equivalents at year-end were $1,734 million.

• Net debt excluding leases declined to $1.75 billion, leverage reduced to 1.09x EBITDA.

Outlook and guidance

• 2026 guidance: revenue growth of 9–12% and EBITDA growth of 7–10%.

• CapEx intensity (excluding Ukraine) expected to decline to 14–16%.

• Continued focus on core telecom and digital services growth, with sustained digital momentum and deleveraging.

• Minimum $100 million annual share repurchases planned, subject to market conditions.