VEON Delivers Strong Q4 2025 Results: Double-Digit Growth, Digital Expansion, and Shareholder Value Unlocking
VEON, a leading telecommunications company, has released its Q4 2025 results, showcasing strong financial momentum, digital services revenue acceleration, and significant shareholder value unlocking. The company's Chief Corporate Development Officer, Anand Ramachandran, highlighted the key highlights of the quarter during a recent conference call.
In Q4 2025, VEON delivered double-digit operational growth, with revenues growing 17% in US dollars year-over-year, and EBITDA increasing 29% in US dollars. For the full year, revenues increased nearly 10% in US dollars, and EBITDA grew 19%. This strong financial performance enabled the company to cross an important milestone, exceeding $2 billion of annual EBITDA with margins expanding to 45.7%, demonstrating both operational discipline and benefits of scale.
Another significant theme of the quarter was digital services revenue acceleration. Digital revenues grew 84% year-over-year in Q4 and over 62% for the full year, representing more than 17% of group revenue. This growth is not only driven by scale but also contributes to profitability and cash flow. The company's EBITDA from digital services reached $207 million, with an EBITDA margin of 27.3%, indicating that the digital ecosystem is becoming profitable at scale.
VEON also executed its asset-light strategy during the year, completing the sale of its Pakistan tower portfolio and deconsolidating TNS Plus. These initiatives demonstrate how the company is combining connectivity, digital platforms, and new technologies requiring less capital expenditure to create long-term growth. The listing of Kyivstar on Nasdaq was a landmark achievement, with VEON's stake valued at approximately $2 billion.
The company continues to unlock value for shareholders through its share buyback program, with a successful secondary offering completed about a month ago. Today, VEON announced its policy of continuing to repurchase at least $100 million of shares annually. This commitment reflects the company's confidence in its strategy and financial performance.
Group revenue reached $4.4 billion in 2025, growing 9.9% in US dollar terms, supported by strong subscriber engagement and average revenue per user growth. Digital revenues grew more than 62%, reaching $759 million, which is not just about scale but also contributing to profitability and cash flow. VEON's growth continues to outpace inflation across its markets, with pricing control empowered by value propositions remaining strong.
The company's digital ecosystem continues to scale rapidly, with digital services business models having much lower capital intensity, supporting equally strong cash flow conversion. As the telecommunications landscape continues to evolve, VEON is well-positioned to capitalize on emerging opportunities and drive long-term growth."
