VEON Q4 Revenue Up 17%, EBITDA Grows 29%, Digital Services Jump 84%
VEON reported Q4 revenues up 17% and EBITDA growth of 29% year-on-year, with digital services revenue rising 84% in the quarter to over 17% of group sales. The company finished 2025 with $1.73 billion cash, 1.09x leverage, a $100 million annual buyback plan and pending OLX Kazakhstan approval.
1. Financial Performance Highlights
VEON delivered 17% revenue growth and 29% EBITDA expansion in Q4, driven by a shift toward high-margin digital services. Digital revenue surged 84%, accounting for more than 17% of total sales and reflecting deeper customer engagement in banking and entertainment offerings.
2. Balance Sheet Strength and Capital Allocation
The company closed 2025 with $1.73 billion in cash and leverage reduced to 1.09x EBITDA. VEON also reaffirmed a policy of repurchasing at least $100 million in shares annually, prioritizing buybacks over dividends to enhance shareholder value.
3. Strategic Initiatives and M&A
VEON advanced its asset-light strategy by selling its Pakistan tower portfolio and launching direct-to-cell connectivity with Starlink. The OLX Kazakhstan acquisition is awaiting regulatory approval, expected to complete in the first half of 2026.
4. Market Expansion Plans
In Pakistan, VEON acquired 190 MHz of spectrum for $240 million to boost both 4G and 5G services, while pursuing a full digital banking license after integrating TPL Insurance. The company also plans further digital infrastructure investments in Ukraine to capture post-conflict growth opportunities.