VEON Delivers Robust H1 2026: Revenue Climbs 17% to $2.5B, Adjusted EBITDA Rises 11.5% to $1.1B
VEON sits 29% above its 52-week low of $42.6.
Summary
VEON's H1 2026 revenue grew 17% to $2.5B, and adjusted EBITDA rose 11.5% to $1.1B. Profit fell due to a prior-year one-off gain, but the company refinanced $1.4B in debt, raised $140M from a Kyivstar share sale, and made strategic acquisitions.
Key Events · Earnings and Guidance · VEON
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H1 Revenue Jumps 17% to $2.5B
Consolidated revenue reached $2,472 million, up 17.0% year-over-year in USD terms, with local currency growth of 16.9%. Pakistan led with 23.5% growth, Ukraine 22.9%, and Uzbekistan 12.9%.
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Adjusted EBITDA Up 11.5% to $1.1B
Adjusted EBITDA rose to $1,069 million from $959 million, driven by higher revenues. Pakistan's adjusted EBITDA surged 30.5%, while Ukraine grew 17.6%. Bangladesh declined 24.0% due to one-off items in the prior year.
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$1.4B Bond Refinancing Completed
On June 1, 2026, VEON closed a dual-tranche $1.4 billion senior unsecured notes offering (6.95% due 2031 and 7.45% due 2033), using proceeds to repurchase $885 million of 3.375% notes due 2027, extending maturities and reducing refinancing risk.
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Kyivstar Secondary Offering Raises $140M
VEON sold 13,975,000 shares of its subsidiary Kyivstar Group Ltd. in a secondary public offering, reducing its ownership from 89.6% to 83.6% and generating net proceeds of approximately $140 million for general corporate purposes.
Analysis · VEON · Technology
A strong first half underscores VEON's ability to expand in challenging markets while actively reshaping its capital structure. Revenue jumped 17% year-over-year to $2.5 billion, and adjusted EBITDA advanced 11.5% to $1.1 billion, fueled by double-digit growth in Pakistan, Ukraine, and Uzbekistan. Profit attributable to owners came in at $221 million, down from $694 million a year ago, though the prior period included a one-time $497 million gain from the Deodar tower sale. The company also executed a series of strategic moves: a $1.4 billion bond refinancing that extends maturities and eases near-term debt pressure, a secondary offering of its Kyivstar subsidiary that raised $140 million, and acquisitions in digital healthcare and renewable energy. The balance sheet strengthened with cash of $2.2 billion, and after the quarter, VEON repaid a $210 million term loan early. These results confirm the company's growth trajectory and proactive capital management.
At the time of this filing, VEON was trading at $55.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $3.7B. The 52-week trading range was $42.60 to $64.00. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.