VEON Delivers Record Digital Growth: 4Q25 Digital Revenues Grow 84% to 20.1% of Total, Driving 17% Revenue and 29% EBITDA Growth in 4Q25

Core Insights - VEON reported record digital growth with digital revenues increasing by 84% in Q4 2025, accounting for 20.1% of total revenues, which contributed to a 17% increase in total revenue and a 29% increase in EBITDA for the same quarter [1][4]. Financial Performance - In Q4 2025, total revenue reached USD 1,171 million, a 17.4% year-on-year increase, while EBITDA rose to USD 527 million, marking a 29.1% increase with an EBITDA margin of 45.0% [4]. - For the full year 2025, total revenue was USD 4,399 million, up 9.9% year-on-year, and EBITDA was USD 2,009 million, reflecting an 18.8% increase with an EBITDA margin of 45.7% [4]. - Digital revenues for the full year grew by 62.5% to USD 759 million, representing 17.3% of total group revenue, while financial services revenues increased by 34.3% to USD 425 million [4]. Capital Allocation and Strategic Developments - VEON completed its first USD 100 million buyback program and initiated a second program, targeting at least USD 100 million in annual share repurchases [3]. - The company reached an agreement with the Dhabi Group regarding historical shareholder claims and welcomed a new shareholder, His Highness Sheikh Nahyan bin Mubarak Al Nahyan [4]. - VEON successfully raised USD 140 million from a secondary public offering of Kyivstar shares and acquired Tabletki.ua for USD 160 million to enhance its digital healthcare offerings [5]. Future Outlook - For 2026, VEON anticipates total revenue growth of 9% to 12% year-on-year and EBITDA growth of 7% to 10% year-on-year [5]. - The company expects to maintain a capex intensity of 14% to 16% excluding Ukraine [5]. - VEON's CEO highlighted the pivotal shift in the company’s strategy, noting that digital service customers have surpassed traditional connectivity subscribers for the first time [6].