0001468091-26-000010
SEC filingVEON 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.
VEON Ltd. delivered robust FY 2025 performance with revenue of $4.40B, a 9.9% YoY increase from $4.00B in 2024. Operating profit surged 29.6% to $1.44B, boosted by a $400M gain on Deodar tower sale and revenue growth across most segments. Profit from continuing operations rose 21.4% to $591M, with Adjusted EBITDA up 18.9% to $2.01B (45.7% margin). Key highlights include Kyivstar's Nasdaq listing (89.6% stake post-de-SPAC, proceeds $132M net) and Uklon acquisition. Cash from operations hit $1.35B, funding $926M capex excl. licenses/ROU. Net debt principal $3.14B. Challenges: Bangladesh contraction (-11.5%) and Ukraine risks.
Revenue breakdown: Telecom/infra $3.64B (83%), digital $0.76B (17%). Pakistan led at $1.62B (+17.5% YoY), driven by data and JazzCash. Ukraine $1.16B (+25.8%), boosted by roaming/digital post-cyberattack recovery. Kazakhstan $0.82B (-4.4%), offset by device sales. Uzbekistan $0.31B (+12.8%), repricing/digital. Bangladesh $0.46B (-11.5%), market contraction. Digital financial services $425M (+35%), other digital $337M (+123%). YoY growth reflects data usage, bundles, despite FX headwinds.
Adjusted EBITDA margin expanded to 45.7% from 42.2%, aided by revenue leverage and Deodar gain. Operating expenses rose but controlled at $2.96B. Finance costs up to $535M on leases. Effective tax 24.7%. Impairments minimal ($9M). Cost pressures: energy in Ukraine/Kazakhstan, personnel/marketing.
Ops cash $1.35B (+17.6% YoY). Investing outflow $791M (capex $926M, Uklon $157M, offset Deodar $441M). Financing outflow $548M (debt repay $1.30B, leases $250M, buybacks $105M, Kyivstar proceeds $132M). Cash $1.73B (HQ $556M). Total assets $9.22B, equity $1.63B. Debt principal $3.14B (63% fixed). Lease liabilities $1.76B.
VEON eyes digital operator expansion (DO1440, AI1440). Targets: 4G/5G rollout, asset-light (tower sales), digital revenue growth. Risks: Ukraine war/nationalization, FX volatility, competition, regulatory changes (e.g., Bangladesh policy). $100M buyback ongoing. Strong liquidity supports capex/debt service.