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- **Digital services surge**: 63% YoY growth in direct digital revenue to $198M, 17.8% of total revenue.
- **AI1440 monetization**: 35M monthly AI users, 60% video-on-demand plays, 1.1B loan disbursements.
- **Balance sheet strength**: 1.13x leverage, $584M LTM free cash flow, $1.67B cash.
- **Shareholder value**: Kyivstar listing at $2.8B (2.3x book value), $100M buyback program.
- **Multiplay dominance**: 55.4% revenue from multiplay users, 3.8x ARPU premium.
- **Fintech expansion**: Pakistan loans up 26% daily, 80% Raast payments, 40% YoY GTV growth.


**【Management Opening Remarks】**
- VEON reported Q3 2025 revenue of $1.115 billion, up 7.5% YoY in USD terms, with EBITDA growth of 19.7% to $524 million. Digital services now account for 17.8% of total revenue, up from 11% a year ago.
- The company raised its FY2025 EBITDA guidance to 16-18% local currency growth, up from 14-16%, driven by digital services expansion and cost discipline.

**【CEO Commentary】**
- Digital services revenue grew 63% YoY to $198 million, with financial services (54% of digital revenue) up 33% YoY. Multiplay users (using digital services + telecom) now generate 3.8x ARPU of voice-only users, with 55.4% of Q3 revenue from multiplay customers.
- AI1440 strategy: Kaz-LLM models in 4 languages power 35 million monthly active AI users, with AI-driven 60% of video-on-demand plays on Tamasha, and 17,000 monthly users of AI tutors.
- Asset-light strategy: Kyrgyzstan divestment, Starlink satellite partnerships,5G expansion plans in Ukraine and Kazakhstan.
- Shareholder value: Kyivstar listing at $2.8 billion valuation (2.3x book value), $100 million share buyback program.

**【CFO Financial Commentary】**
- EBITDA margin expanded 410 bps YoY to 47%, with LTM free cash flow $584 million. Net debt/EBITDA improved to 1.13x. LTM EPS $8.89 (up 60% YoY), Q3 EPS impacted by $259 million non-cash charges.
- CapEx intensity 17.7% (ex-Ukraine), cash balance $1.67 billion (including $653 million at HQ).

**【Q&A Highlights】**
- **Kyivstar SPAC transaction**: 90% ownership retained, plans to dilute stake for Ukrainian and international investors.
- **Pakistan fintech growth**: JazzCash GTV 40% YoY, 80% of Pakistan's Raast payments, 153,000 daily loans, 200,000 loans/day record.
- **Multiplay adoption**: 55.4% revenue from multiplay users, 143.3M digital MAUs, 50M digital-only users.
- **AI monetization**: AI1440 drives 35M monthly users, 60% video-on-demand plays, 1.1B loan disbursements.
- **Balance sheet strength**: $1.67B cash, 1.13x leverage, $584M LTM free cash flow.


VEON Ltd. (VEON) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VEON

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