Highlights 

  • Total revenue increased 7.5% YoY to USD 1,115 mn; EBITDA up 19.7% YoY to USD 524 mn 
  • Direct digital revenue up 63.1% YoY to USD 198 mn, forming 17.8% of Group revenue 
  • Board approves USD 100 mn buyback program for ADSs and/or outstanding bonds 

VEON Ltd. (NASDAQ:VEON) reported a 7.5% year-on-year rise in revenue to USD 1,115 mn for the third quarter ended September 30, 2025. EBITDA grew 19.7% YoY to USD 524 mn, supported by telecom and infrastructure operations along with higher digital contributions. The EBITDA margin expanded to 47.0%, up 480 basis points from the prior year. 

Direct digital revenue climbed 63.1% YoY to USD 198 mn, accounting for 17.8% of the Group’s total revenue. Financial services revenue rose 32.6% to USD 107.5 mn. Capital expenditure stood at USD 223 mn, translating to an LTM capex intensity of 21.6% (17.7% excluding Ukraine). 

Financial Position and Leverage 

As of September 30, 2025, VEON reported total cash, cash equivalents, and deposits of USD 1,666 mn, including USD 653 mn held at headquarters and USD 282 mn in customer deposits from banking operations in Pakistan. Net debt, excluding lease liabilities, amounted to USD 1,729 mn. The company’s net debt-to-LTM EBITDA ratio improved to 1.13x, compared to 1.32x as of June 30, 2025. 

Strategic Developments 

During the quarter, VEON completed the Nasdaq listing of Kyivstar Group Limited and finalized the sale of its Kyrgyzstan operations. Kyivstar Group’s market valuation is now 2.3 times VEON’s book value for the asset at the time of listing, with VEON’s 89.6% ownership valued at approximately USD 2.5 bn, based on Kyivstar’s November 7 closing price of USD 12.16. 

VEON also transitioned JazzCash into a standalone company within the Group and advanced its AI1440 strategy, which incorporates locally trained large-language-model capabilities across its digital platforms. 

The company additionally entered into a non-exclusive global framework agreement with Starlink, becoming the first operator to secure a multi-country Direct to Cell partnership. Kyivstar has completed initial tests and is preparing for a nationwide rollout, while Beeline Kazakhstan targets Direct to Cell messaging in 2026. 

Outlook and Buyback Program 

VEON’s Board of Directors authorized a buyback program of up to USD 100 mn for the company’s ADSs and/or outstanding bonds.  

The company raised its 2025 EBITDA growth outlook to 16–18% in local currency terms, up from the earlier guidance of 14–16%. Revenue growth is expected at 13–15% in local currency and 7–8% in USD terms, with EBITDA growth projected between 10–11% in USD terms. Capex intensity for 2025, excluding Ukraine, is anticipated to remain within 17–19%. 

Management Commentary 

VEON Group CEO Kaan Terzioglu said: 
“Our third-quarter performance once again demonstrates the resilience and strength of VEON’s Digital Operator model. We delivered strong revenue and EBITDA growth, supported by robust margins across our markets. Our digital businesses continue to accelerate as customer engagement grows across our digital platforms. Our focus on digital services, customer engagement, and operational excellence continues to drive VEON’s strong growth and financial performance. 

During the quarter, we also advanced key strategic initiatives, including the landmark listing of Kyivstar Group on the Nasdaq and the establishment of JazzCash as a standalone entity. These milestones reflect our ongoing focus on growth and value realization – initiatives that further strengthen VEON’s strategic foundation and position us for sustained growth and value creation. 

Looking ahead, we remain confident in VEON’s trajectory and optimistic about the opportunities before us. With strong momentum in our core businesses, an expanding portfolio of digital services, and a disciplined capital allocation policy, VEON is well positioned to continue delivering growth and create long-term value for our shareholders, customers, and communities.”