VEON Q2 Revenue Up 5.9% YoY, Direct Digital Revenue Grows 56.6% YoY

• VEON 2Q25: Total revenue up 5.9% YoY to $1,087m • EBITDA growth 13.2% YoY to $520m • Direct digital revenue up 57% YoY to $180m • Digital revenue represents 16.5% of total revenue • LTM Equity Free Cash Flow: $611m • Capex: $231m • Gross debt: $4,627m • Net debt excluding lease liabilities: $1,962m • Cash and cash equivalents and deposits: $1,283m • HQ cash: $206m

Dubai, August 7, 2025 — VEON Ltd. (Nasdaq: VEON), a global digital operator, has announced its second quarter 2025 financial results, demonstrating robust growth and solid execution. The company reported total revenue growth of 5.9% year-on-year (YoY) to USD 1,087 million, with local currency growth at 11.2% YoY. This growth exceeded the blended weighted average inflation rate in operating countries of 8.6% in the quarter, showcasing VEON's ability to implement fair pricing and capture higher consumer wallet share [1].

EBITDA growth was 13.2% YoY to USD 520 million, with local currency growth of 19.6% YoY. The company's direct digital revenue grew by 56.6% YoY to USD 180 million, representing 16.5% of total revenues for the quarter, up from 5.4% a year ago. This significant growth in digital revenue underscores VEON's commitment to digital transformation and its strategic initiatives [1].

VEON's total cash and cash equivalents and deposits as of June 30, 2025, amounted to USD 1,283 million, with USD 206 million held at the headquarters level. Gross debt stood at USD 4,627 million, with net debt excluding lease liabilities at USD 1,962 million. The company's LTM Equity Free Cash Flow was USD 611 million, and capex for the quarter was USD 231 million, indicating a capex intensity of 21.3% for the quarter and LTM capex intensity of 21.4% [1].

Commenting on the results, VEON Group CEO Kaan Terzioglu said, "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 and are committed to expanding our digital services footprint and unlocking new growth opportunities" [1].

Looking ahead, VEON is revising its 2025 outlook and now expects local currency revenue growth of 13% to 15% YoY, and local currency EBITDA growth of 14% to 16% YoY. The company expects its capex intensity for 2025 to remain within the 17% to 19% range [1].

References:
[1] https://www.globenewswire.com/news-release/2025/08/07/3128859/0/en/VEON-2Q25-Earnings-Release-Direct-Digital-Revenues-Up-57-YoY-Solid-Execution-Strong-Results.html