VEON (VEON) Q2 2025 earnings summary

Executive summary

• Achieved strong Q2 2025 results with revenue up 5.9% in USD and 11.2% in local currency, and EBITDA up 13.2% in USD and 19.6% in local currency, outpacing inflation in core markets.

• Direct digital revenues surged 56.6%-57% YoY, now 16.5% of total revenue, driven by digital platform expansion and Uklon acquisition.

• Net profit reached $608 million, up from $89 million YoY, aided by a $498 million gain from the Pakistan tower transaction.

• Completed $100 million share buyback, repaid April and June bond maturities, and issued $200 million in private bonds.

• Advanced Kyivstar's Nasdaq listing and closed a strategic partnership with Engro Corp.

Financial highlights

• Q2 2025 revenue: $1.087 billion, up 5.9% YoY in USD and 11.2% in local currency.

• EBITDA: $520 million, up 13.2% YoY in USD and 19.6% in local currency; margin rose to 47.8%.

• Net profit: $608 million, including a $498 million one-time gain from the Pakistan tower transaction.

• Last 12-month equity-free cash flow: $611 million, up 33.7% YoY.

• Cash balance at quarter end: $1.283 billion, including $206 million at HQ.

Outlook and guidance

• Revised 2025 outlook: local currency revenue growth of 13%-15% and EBITDA growth of 14%-16%.

• Capital intensity (ex-Ukraine) expected in 17%-19% range.