Dubai-based digital operator VEON has reported solid growth in its Q3 earnings, driven by strong performance across its telecom and digital services.
Revenue for Q3 2025 rose 7.5% year-on-year to $1.115 billion, while EBITDA jumped nearly 20% to $524 million, reflecting improved margins and cost efficiency. The company’s digital revenue surged 63%, now making up nearly 18% of total income. Financial services also saw a boost, growing 33% to $107.5 million.
VEON ended the quarter with $1.7 billion in cash and deposits, and lowered its debt ratio to 1.13x EBITDA, thanks to a successful bond sale and proceeds from the listing of its Ukrainian unit, Kyivstar Group.
VEON upgrades future outlook
Given its strong momentum, VEON has raised its full-year EBITDA forecast to 16–18% growth in local currency terms, up from 14–16%. The company expects revenue to grow 13–15% locally and 7–8% in USD terms.
The board has approved a $100 million buyback program for shares and bonds, depending on market conditions.Importantly, VEON says it has resolved earlier concerns about its financial stability, with management now confident in its long-term viability.
Kyivstar listing, Starlink deal, and AI push
VEON’s 89.6% stake in Kyivstar is now valued at $2.5 billion following its Nasdaq debut. The company also signed a global agreement with Starlink, becoming the first multi-country operator to partner on Direct-to-Cell services. Trials in Ukraine are complete, with Kazakhstan next in line.
“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,” said Kaan Terzioglu, CEO, VEON Group
VEON is also advancing its AI strategy, embedding local language models into its platforms to boost innovation.