VEON Ltd · Q2 2025 earnings

Briefing

VEON Q2 2025: $1.09B revenue (+5.9% YoY), direct digital revenues up 57%

VEON Ltd. reported Q2 2025 results for the quarter ended June 30, 2025 on August 7, 2025. Total revenue grew 5.9% year over year to $1,087 million (11.2% in local currency), exceeding blended market inflation of 8.7%. Direct digital revenues surged 56.6% to $180 million, representing 16.5% of total revenue versus 11.2% a year ago, while telecom and infrastructure revenue was $907 million. EBITDA increased 13.2% to $520 million (19.6% in local currency) and net profit for the period was $608 million ($8.56 basic EPS per ADS), boosted by strategic milestones including the Uklon acquisition. The company revised its 2025 outlook to 13–15% local-currency revenue growth and 14–16% EBITDA growth, with capex intensity expected at 14–15%.

• Total revenue of $1,087M (+5.9% reported, +11.2% local currency); direct digital revenue $180M (+56.6%).
• EBITDA rose 13.2% to $520M; net profit of $608M ($8.56 basic EPS per ADS) including strategic transaction impacts.
• Telecom and infrastructure revenue $907M (-0.5% reported, +4.8% local currency).
• Cash and deposits of $1,283M; LTM equity free cash flow before leases of $611M.
• Raised 2025 outlook to 13–15% local-currency revenue growth and 14–16% EBITDA growth.

Headline financials

Revenue & EPS history

Revised 2025 outlook: local-currency revenue growth of 13–15% and EBITDA growth of 14–16%; capex intensity expected at 14–15%.