VEON delivers strong FY25 growth with revenue up 9.9% to $4.4b and EBITDA up 18.8% to $2.01b

 

• FY25 EBITDA margin was 45.7% on revenue $4.4b and EBITDA $2.01b, up 9.9% and 18.8%.
• Q4 growth accelerated: revenue +17% and EBITDA +29% YoY in U.S. dollars.
• Digital revenue surged 62% to $759m, now 17% of group, with 27.3% EBITDA margin.
• EPS was not disclosed; management emphasized EBITDA, cash generation and deleveraging instead.
• 2026 guidance: revenue growth 9–12%, EBITDA growth 7–10%, capex intensity ex‑Ukraine 14–16%.
• Growth driven by multiplay customers, Pakistan fintech, and strong Pakistan, Ukraine, Kazakhstan performance; Bangladesh returned to growth.
• Pakistan bought 190MHz spectrum for $240m to boost 4G and selective 5G, without capex spike.
• Balance sheet strengthened: cash $1.73b, net debt $1.75b, leverage 1.09x, target ≤1.5x.
• Capital returns pivot to at least $100m annual buybacks, no near‑term dividends, 2027 bond refi planned.
• Key metrics: 56% of consumer revenue from multiplay; Pakistan fintech 21.5m MAUs, $53b transactions.
• Main concern: Frontier-market macro and inflation risks alongside execution and refinancing of 2027 bonds.

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