VEON Ltd. released its third‑quarter 2025 financial results on 10 November 2025, reporting revenue of $1,115 million—up 7.5% year‑on‑year—and EBITDA of $524 million, a 19.7% increase. The company’s EBITDA margin expanded to 47.0%, up from 42.8% in the first quarter, reflecting disciplined cost management and a favorable mix shift toward higher‑margin digital services.
Digital revenue grew 63% year‑on‑year to $147 million, representing 17.8% of total revenue and underscoring the acceleration of VEON’s “Digital Operator” strategy. The company also improved its leverage profile, with net debt to EBITDA (excluding leases) falling to 1.13×, and it maintained $1.666 billion in cash and equivalents, including $282 million in customer deposits from its banking operations in Pakistan.
Management raised its 2025 EBITDA outlook to 16%–18% year‑on‑year growth and reaffirmed a revenue growth target of 13%–15% in local currency terms. The results demonstrate that VEON’s transition to a services‑centric model is delivering both top‑line and margin expansion, while its asset‑light strategy continues to strengthen the balance sheet and support future investment in digital and AI initiatives.
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