VEON Reports Strong Q2 2025 Results with 57% Surge in Direct Digital Revenues
VEON Ltd. (Nasdaq: VEON), the Dubai-headquartered global digital operator, has reported robust financial and operational results for the second quarter of 2025, marked by a 56.6% year-on-year increase in direct digital revenues and a solid performance across key financial metrics.
The company’s total revenues rose 5.9% YoY to USD 1.087 billion, or 11.2% in local currency terms, outpacing inflation in its core markets. This growth was largely driven by VEON’s fast-growing digital platforms, now accounting for 16.5% of total revenues, up from just 5.4% a year ago.
EBITDA rose 13.2% YoY in USD terms to USD 520 million, reflecting strong operational execution and continued demand across VEON’s markets. In local currency, EBITDA increased by 19.6%.
VEON’s capex for the quarter stood at USD 231 million, representing a capex intensity of 21.3%. Over the last twelve months, capex intensity was 21.4% — or 18.3% when excluding Ukraine — underscoring VEON’s ongoing investment in digital infrastructure and network quality.
As of June 30, 2025, VEON reported:
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USD 1.283 billion in total cash, cash equivalents, and deposits
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USD 4.627 billion in gross debt, a quarter-on-quarter increase of USD 250 million
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Net debt (excl. lease liabilities) at USD 1.962 billion, with a net debt-to-EBITDA ratio of 1.32x
The company’s LTM (Last Twelve Months) Equity Free Cash Flow reached USD 611 million.
2025 Outlook Upgraded
VEON has revised its 2025 guidance upward, citing strong performance and strategic execution:
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Local currency revenue growth is now expected at 13%–15% YoY
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Local currency EBITDA growth is projected at 14%–16% YoY
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Capex intensity is forecast to remain in the 17%–19% range
Additionally, VEON completed the final phase of its USD 100 million share buyback program, acquiring over 722,000 ADSs for USD 35 million between June and August 2025.
Strategic Expansion
During the quarter, VEON welcomed Uklon — a ride-hailing platform — into its ecosystem, signaling a major step forward in its digital operator strategy. This move enhances VEON’s ability to deliver locally relevant, high-impact services to its customer base across frontier markets.
CEO Commentary
VEON Group CEO Kaan Terzioglu commented:
“VEON has continued its strong momentum into the second quarter of 2025, delivering solid results that reflect both disciplined execution and strategic clarity.
We are making rapid progress in our digital operator strategy. By focusing on innovation, relevance, and customer impact, we are positioning VEON as a frontrunner in digital transformation across emerging markets.”
He added that the company remains focused on value creation through “disciplined execution and innovation,” with a continued commitment to long-term shareholder value.
