VEON Ltd.

VEON Ltd. reported strong FY 2025 results with revenue of $4.40B, up 9.9% YoY from $4.00B in 2024, driven by growth in Pakistan (17.5% YoY to $1.62B), Ukraine (25.8% YoY to $1.16B), Kazakhstan (-4.4% YoY to $0.82B), Uzbekistan (12.8% YoY to $0.31B), and Bangladesh (-11.5% YoY to $0.46B). Operating profit rose 29.6% to $1.44B, reflecting higher revenues and a $400M gain on Deodar subsidiary disposal, offset by a $162M Kyivstar listing expense. Profit from continuing operations increased 21.4% to $591M, with profit attributable to owners at $532M. Adjusted EBITDA grew 18.9% to $2.01B, with margins at 45.7%. Key drivers included data usage growth, digital services expansion (17.3% of revenue), and asset sales like Deodar towers. Cash from operations reached $1.35B, supporting $791M capex and $548M financing outflows. Net debt stood at ~$3.14B principal. Strategic moves like Kyivstar Nasdaq listing (89.6% stake post-de-SPAC), Uklon acquisition, and $100M share buybacks bolstered shareholder value. Forward-looking, VEON targets digital operator growth amid frontier market challenges.

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