VEON Ltd. reported full‑year 2025 results that saw core profit (EBITDA) climb 19% to USD 2,009 million, an increase of 18.8% from the prior year’s USD 1,650 million. Digital revenues grew 62.5% year‑over‑year to USD 759 million, representing 17.3% of total group revenue and up from 5.9% in 2022. The jump in digital sales, driven by strong demand for data‑center, cloud, and fintech services, offset modest growth in legacy telecom operations.
The company’s EBITDA margin expanded to 45.7% from 42.2% in 2024, a 3.5‑percentage‑point lift that reflects disciplined cost control and a higher mix of high‑margin digital services. Net debt to EBITDA improved to 1.09×, underscoring a stronger balance sheet and greater capacity for future investment or shareholder returns.
In the fourth quarter, digital revenues surged 84.1% year‑over‑year, while core profit rose 18.8% to USD 1,650 million, beating analyst expectations by 18% on EBITDA and 10% on revenue. The quarter’s performance was driven by accelerated adoption of VEON’s fintech platform JazzCash in Pakistan and the expansion of its satellite‑connected services in Ukraine.
For fiscal 2026, VEON guided total revenue growth of 9‑12% and EBITDA growth of 7‑10%, a slight moderation from the exceptional FY25 growth rates but still indicative of confidence in continued digital momentum. The guidance signals management’s belief that the company can sustain high margins while scaling its digital operator strategy.
The results triggered a 16.18% rise in pre‑market trading on March 13, with Benchmark reaffirming a Buy rating and a $75 price target. The market reaction was driven by the company’s record digital growth, margin expansion, and improved debt profile, all of which reinforce confidence in VEON’s long‑term strategy.
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