VEON · VEON Ltd.

VEON Ltd. delivered solid Q1 2026 performance with revenue up 17% to $1,201 million from $1,026 million in Q1 2025, driven by growth in core telecommunications and digital services. Operating profit improved to $306 million from $239 million, reflecting better cost control despite higher selling, general, and administrative expenses of $533 million versus $458 million. Finance costs rose to $150 million from $119 million, offset partially by $18 million finance income. Profit before tax reached $183 million, with income tax expense at $60 million leading to period profit of $123 million, of which $99 million attributable to owners. EPS held steady at $0.06 basic and diluted. Balance sheet strengthened with total assets at $9,602 million (up from $9,215 million at year-end 2025), cash at $1,751 million, and equity at $1,863 million. Operating cash flow was robust at $396 million, supporting $295 million investing outflows including $232 million property/equipment and $165 million subsidiary acquisition. Key events included JazzWorld's 190 MHz spectrum win for ~$240 million (payment flexible over 6 years at KIBOR+3%), Kyivstar's $160 million Tabletki.ua acquisition enhancing digital healthcare, oversubscribed Kyivstar secondary sale yielding proceeds from 13,975,000 shares at $10.50, and JazzWorld's interest rate swaps hedging PKR75 billion loans. These moves signal strategic expansion in spectrum, digital services, and capital recycling amid steady profitability.