VEON Ltd. was added to the S&P Global Broad Market Index and the MSCI Ukraine Index on December 10 2025, expanding the company’s exposure to institutional investors that rely on these benchmarks for portfolio allocation and highlighting its operational resilience in Ukraine.
The S&P Global Broad Market Index, which tracks more than 11,000 companies worldwide, was updated after the September 2025 rebalance. VEON’s inclusion signals confidence in its scale and financial profile, potentially attracting passive funds that track the benchmark and increasing the company’s liquidity.
The MSCI Ukraine Index addition, announced in November 2025, reflects VEON’s status as a leading publicly listed operator in Ukraine. The move underscores the company’s commitment to rebuilding Ukraine’s digital infrastructure and its ability to maintain service continuity amid geopolitical challenges.
In Q3 2025, VEON reported revenue of $1.115 billion, up 7.5% year‑over‑year, and EBITDA of $524 million, up 19.7% year‑over‑year, with an EBITDA margin of 47.0%. Digital revenue, which accounted for 17.8% of total revenue—up from 14.3% in Q1 2025—drives the company’s transition to a digital operator and supports the index inclusions.
The index additions are expected to enhance liquidity, broaden the shareholder base, and may support a re‑rating of the company. Management highlighted that the inclusions validate VEON’s growing scale, operational momentum, and strengthened financial profile, and broaden reach to a deeper pool of institutional investors.
VEON continues to invest heavily in Ukraine, pledging $1 billion to rebuild digital infrastructure between 2023 and 2027, and partnering with Airspan to enhance network resilience. The successful Nasdaq listing of Kyivstar in August 2025 further increased investor visibility and underscored the company’s strategic positioning.
While immediate market reaction data is not available, the inclusion is viewed positively by investors seeking exposure to a resilient operator in a high‑growth digital market. The event aligns with VEON’s broader strategy to transition into a digital operator and to attract passive institutional capital.
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