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% to $2,009 million, expanding margins to 45.7%.

• Digital services revenue surged 62.5% to $759 million, now representing 17.3% of group revenue, with Q4 digital revenues exceeding 20%.

• Asset-light strategy advanced through tower monetization, deconsolidation of TNS Plus, and major disposals, reducing leverage and strengthening the balance sheet.

• Significant shareholder value unlocked via Kyivstar's Nasdaq listing, secondary offering, and ongoing share buyback programs.

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

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 a margin of 45.7%.

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

• Equity free cash flow was $624 million; group cash stood at $1,734 million at year-end.

• Capex intensity was 21.2% (16.6% excluding Ukraine); net debt/EBITDAaL improved to 1.09x.

Outlook and guidance

• 2026 guidance: revenue growth of 9%-12%, EBITDA growth of 7%-10%, CapEx intensity (excluding Ukraine) expected to decline to 14%-16%.

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

• Continued focus on disciplined CapEx and asset-light investments, especially in digital and telecom segments.