Core Insights - VEON has raised its EBITDA outlook for 2025, reflecting strong operational momentum and robust revenue growth [4][10] - The company reported a significant increase in direct digital revenue, which grew by 63% year-on-year, contributing to overall revenue growth [4][5] Financial Performance - VEON's Q3 2025 revenue reached USD 1,115 million, representing a 7.5% year-on-year increase [4][7] - EBITDA for the quarter was USD 524 million, marking a 19.7% year-on-year growth, with an EBITDA margin of 47.0% [4][6] - Direct digital revenues accounted for 17.8% of total revenue, amounting to USD 198 million [7][10] Strategic Developments - The company has successfully completed a USD 200 million bond issuance and received cash proceeds from the listing of Kyivstar Group and the sale of its Kyrgyzstan operations [8][9] - VEON has established JazzCash as a standalone entity and advanced its AI1440 strategy to enhance digital services [9][12] - A non-exclusive global framework agreement with Starlink has been signed, positioning VEON as the first operator with a multi-country Direct to Cell partnership [4][9] Capital Management - VEON's Board of Directors has authorized a buyback program for up to USD 100 million of the company's ADSs and/or outstanding bonds [11][12] - The company maintains a strong liquidity position with USD 1.7 billion in cash and cash equivalents [7][10] Future Outlook - VEON expects local currency EBITDA growth of 16% to 18% year-on-year for 2025, with total revenue growth in USD terms projected at 7% to 8% [10][12] - The company remains optimistic about its growth trajectory, supported by a disciplined capital allocation policy and expanding digital services [12][14]