VEON Ltd. filed its 2025 annual report on Form 20‑F with the U.S. Securities and Exchange Commission on March 16, 2026. The filing, which contains the audited financial statements for the year ended December 31, 2025, was completed by independent auditor UHY LLP under Public Company Accounting Oversight Board standards. The report is available on VEON’s investor‑relations website and can be accessed through the SEC’s EDGAR database.
The 2025 financials show total revenue of $4,399 million, up 9.9% year‑on‑year, and EBITDA of $2,009 million, an 18.8% increase. The EBITDA margin expanded to 45.7%, driven largely by a 62.5% jump in digital revenues, which now account for 17.3% of group revenue. Digital revenue growth reflects the company’s continued investment in data‑center and cloud services across its markets.
In the fourth quarter, VEON reported revenue of $1,171 million, beating estimates by $26.56 million, largely due to a 84.1% year‑on‑year rise in digital revenue to $235 million, representing 20.1% of group revenue. However, the quarter’s earnings per share were –$0.39 versus an estimate of $1.26, indicating a miss that highlights challenges in profitability despite the strong revenue growth.
For 2026, VEON guided revenue growth of 9%–12%, EBITDA growth of 7%–10%, and capex intensity excluding Ukraine of 14%–16%. The guidance signals management’s confidence in sustaining growth momentum while maintaining disciplined capital allocation.
Management emphasized record digital growth and strong financial and operating results in its commentary, underscoring the company’s focus on expanding digital services and financial services in emerging markets such as Pakistan. The filing provides investors with a comprehensive view of VEON’s performance and strategic priorities for the coming year.
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