VEON Reports Strong 2025 Results, Advances Digital Strategy with Key Acquisitions & Divestitures, and Secures Capital

summarizeSummary

VEON reported strong 2025 financial results with significant revenue and EBITDA growth, driven by strategic acquisitions in digital services and successful asset divestitures, while also resolving a major legal claim and actively managing its capital structure.

check_boxKey Events

• Strong Financial Performance in 2025

  Total revenue increased by 9.9% to $4.399 billion, and Adjusted EBITDA grew by 18.9% to $2.010 billion, reflecting strong operational execution despite local currency depreciation.

• Kyivstar Group Secondary Offering

  VEON completed a secondary public offering of 14,375,000 common shares of its majority-owned subsidiary, Kyivstar Group Ltd., at $10.50 per share, generating net proceeds of approximately $140 million and reducing VEON's ownership to 83.6%.

• Strategic Acquisitions in Digital Services

  Kyivstar acquired 97% of Uklon, a leading Ukrainian ride-hailing and delivery platform, for $158 million, and 100% of Tabletki.ua, a digital healthcare platform, for $160 million. Beeline Kazakhstan also agreed to acquire OLX Kazakhstan for $75 million.

• Significant Asset Monetization

  Completed the sale of its Pakistan tower portfolio to Engro Corp for $547.5 million, recognizing a $502 million gain, and sold its Kyrgyzstan operations for $45 million.

auto_awesomeAnalysis

This annual report highlights a period of significant strategic transformation and strong financial performance for VEON. The company demonstrated robust revenue and Adjusted EBITDA growth, driven by increased data usage and digital services across its key markets. Major strategic moves include the partial monetization of its Ukrainian subsidiary, Kyivstar, through a secondary offering that raised $140 million, and the successful sale of its Pakistan tower portfolio for $547.5 million, generating a substantial gain. VEON also expanded its digital footprint with several key acquisitions, including Uklon and Tabletki.ua in Ukraine, and OLX Kazakhstan. The resolution of a long-standing legal dispute with the Dhabi Group, involving a $170 million provision, removes a significant overhang. Despite ongoing geopolitical risks in its operating markets and foreign currency depreciation, the company's proactive capital management, including share buybacks and new debt facilities, positions it for continued growth and resilience. Investors should note the strong operational execution and strategic clarity, which are positive signals for the company's future trajectory.