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 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.