The sharp acceleration in digital and financial services revenue, combined with strong EBITDA margin expansion and raised guidance, suggests VEON's digital pivot is gaining traction. Traders should monitor execution on M&A integrations and whether 2026 guidance is exceeded, especially given the upward trend in digital adoption.
Price Chart
Executive Summary
VEON reported strong 4Q25 results with 17.4% YoY revenue growth and 29.1% EBITDA growth, driven by an 84.1% surge in digital revenues, which now represent over 20% of total revenue. The company raised its buyback program and provided 2026 guidance calling for 9%-12% revenue growth and 7%-10% EBITDA growth, signaling continued momentum in its digital transformation.
Key Financial Metrics
Key Facts
- 4Q25 revenue grew 17.4% YoY to $1.171 billion
- 4Q25 EBITDA increased 29.1% YoY to $527 million, with margin expanding to 45.0%
- Digital revenues surged 84.1% YoY to $235 million, now 20.1% of total revenue
- Full-year 2025 revenue up 9.9% to $4.399 billion; EBITDA up 18.8% to $2.009 billion
- 2026 guidance: 9%-12% revenue growth and 7%-10% EBITDA growth in USD terms
- Completed $100 million buyback program and initiated a second; new policy targets at least $100 million in annual repurchases
- Acquired Tabletki.ua for $160 million and advanced acquisition of TPL Insurance in Pakistan
Financial Impact
Revenue increased by $178 million YoY in Q4 and $400 million for the full year; EBITDA grew by $119 million in the quarter and $320 million annually
Risk Factors
- Forward-looking statements are preliminary and subject to change upon final audit
- Geopolitical risks in Ukraine and Pakistan could impact operations and capex
- Execution risk in integrating digital acquisitions like Tabletki.ua and TPL Insurance
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3255249 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 6-K | $80.43 | awaiting T+60 | — | $83.01 (+3.21%) |
Oct 19, 2026 7d ago | 6-K | $82.18 | awaiting T+60 | — | $83.01 (+1.01%) |
Oct 19, 2026 7d ago | Press Release | $82.18 | awaiting T+60 | — | $83.01 (+1.01%) |
Oct 16, 2026 10d ago | SC 13G | $82.18 | awaiting T+60 | — | $83.01 (+1.01%) |
Oct 16, 2026 10d ago | SC 13D/A | $82.18 | awaiting T+60 | — | $83.01 (+1.01%) |
Sep 29, 2026 27d ago | Press Release | $73.97 | awaiting T+60 | — | $83.01 (+12.22%) |
Sep 25, 2026 4w ago | SC 13D/A | $69.41 | awaiting T+60 | — | $83.01 (+19.59%) |
Sep 23, 2026 4w ago | 6-K | $70.36 | awaiting T+60 | — | $83.01 (+17.98%) |
Sep 23, 2026 4w ago | Press Release | $70.36 | awaiting T+60 | — | $83.01 (+17.98%) |
Jul 31, 2026 12w ago | 6-K | $52.29 $84.50 | ▲ +61.60% | ▲ +59.14% | $83.01 (+58.75%) |
US Market Status
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