VEON Sets Its Sights on Digital Dominance with Strong Q3 2026 Results

VEON, a global telecommunications company, has reported strong third-quarter 2026 results, with revenues growing by 17.2% and EBITDA increasing by 10.1%. The company's digital services segment saw significant growth, with revenues rising by 46% and now accounting for 27% of total revenue.

VEON's Group CEO, Kaan TerzioÄŸlu, highlighted the importance of connectivity as the foundation of the company's business, providing scale, distribution, and trusted relationships with customers. On top of this foundation, VEON has built its three digital growth engines, which have reached more than 220 million customers.

The company's focus on digital services has led to significant improvements in customer engagement, loyalty, and spending. As a result, VEON believes it is in the early stages of a sustainable growth opportunity. Excluding Kazakhstan, where EBITDA declined due to taxation issues, the company's EBITDA would have grown by 18%, with margins sustained year-over-year.

VEON's strong cash generation has enabled the company to increase returns to shareholders through buybacks and share cancellations. The company has completed $200 million of buybacks since August 2024 and has doubled its annual commitment to at least $200 million a year.

In addition to its Q3 results, VEON has made significant announcements, including the closing of the OLX transaction in Kazakhstan, further expanding its digital ecosystem. The company has also agreed to take a controlling interest in Jungo TV and All Women's Sports Network, which brings unique and cost-effective content to more than 80 million entertainment customers.

VEON's CEO emphasized that the company is focused on three key objectives: building AI-based digital banks, expanding its digital ecosystem, and driving consolidation in its markets. With these initiatives underway, VEON appears poised for continued growth and success.